Correlation Between Eastman Kodak and Koss
Can any of the company-specific risk be diversified away by investing in both Eastman Kodak and Koss at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Eastman Kodak and Koss into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eastman Kodak Co and Koss Corporation, you can compare the effects of market volatilities on Eastman Kodak and Koss and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Eastman Kodak with a short position of Koss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and Koss.
Diversification Opportunities for Eastman Kodak and Koss
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eastman and Koss is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and Koss Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Koss and Eastman Kodak is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Eastman Kodak Co are associated (or correlated) with Koss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Koss has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and Koss go up and down completely randomly.
Pair Corralation between Eastman Kodak and Koss
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 1.66 times more return on investment than Koss. However, Eastman Kodak is 1.66 times more volatile than Koss Corporation. It trades about 0.01 of its potential returns per unit of risk. Koss Corporation is currently generating about -0.13 per unit of risk. If you would invest 475.00 in Eastman Kodak Co on January 19, 2024 and sell it today you would lose (2.00) from holding Eastman Kodak Co or give up 0.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastman Kodak Co vs. Koss Corp.
Performance |
| Timeline |
| Eastman Kodak |
| Koss |
Eastman Kodak and Koss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and Koss
The main advantage of trading using opposite Eastman Kodak and Koss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, Koss can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Koss will offset losses from the drop in Koss' long position.| Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Money Managers module to screen money managers from public funds and ETFs managed around the world.
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