Correlation Between Mohawk Group and Eastman Kodak
Can any of the company-specific risk be diversified away by investing in both Mohawk Group and Eastman Kodak 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 Mohawk Group and Eastman Kodak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mohawk Group Holdings and Eastman Kodak Co, you can compare the effects of market volatilities on Mohawk Group and Eastman Kodak 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 Mohawk Group with a short position of Eastman Kodak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mohawk Group and Eastman Kodak.
Diversification Opportunities for Mohawk Group and Eastman Kodak
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mohawk and Eastman is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mohawk Group Holdings and Eastman Kodak Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastman Kodak and Mohawk Group 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 Mohawk Group Holdings are associated (or correlated) with Eastman Kodak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastman Kodak has no effect on the direction of Mohawk Group i.e., Mohawk Group and Eastman Kodak go up and down completely randomly.
Pair Corralation between Mohawk Group and Eastman Kodak
If you would invest 438.00 in Eastman Kodak Co on January 24, 2024 and sell it today you would earn a total of 28.00 from holding Eastman Kodak Co or generate 6.39% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Mohawk Group Holdings vs. Eastman Kodak Co
Performance |
Timeline |
Mohawk Group Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Eastman Kodak |
Mohawk Group and Eastman Kodak Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Mohawk Group and Eastman Kodak
The main advantage of trading using opposite Mohawk Group and Eastman Kodak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mohawk Group position performs unexpectedly, Eastman Kodak 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 Eastman Kodak will offset losses from the drop in Eastman Kodak's long position.Mohawk Group vs. Fomento Economico Mexicano | Mohawk Group vs. Boston Beer | Mohawk Group vs. Oatly Group AB | Mohawk Group vs. Balchem |
Eastman Kodak vs. LG Display Co | Eastman Kodak vs. Sony Corp | Eastman Kodak vs. Sonos Inc | Eastman Kodak vs. Vizio Holding Corp |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
Transaction History View history of all your transactions and understand their impact on performance | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Global Correlations Find global opportunities by holding instruments from different markets | |
AI Investment Finder Use AI to screen and filter profitable investment opportunities | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |