Correlation Between Nokia Corp and Nuveen Multi

Can any of the company-specific risk be diversified away by investing in both Nokia Corp and Nuveen Multi 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 Nokia Corp and Nuveen Multi into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Nokia Corp ADR and Nuveen Multi Mrkt, you can compare the effects of market volatilities on Nokia Corp and Nuveen Multi 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 Nokia Corp with a short position of Nuveen Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nokia Corp and Nuveen Multi.

Diversification Opportunities for Nokia Corp and Nuveen Multi

-0.53

Correlation Coefficient

Nokia Corp  Nuveen Multi

Excellent diversification

The 3 months correlation between Nokia and Nuveen is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Nokia Corp ADR and Nuveen Multi Mrkt in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Multi Mrkt and Nokia Corp 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 Nokia Corp ADR are associated (or correlated) with Nuveen Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Multi Mrkt has no effect on the direction of Nokia Corp i.e., Nokia Corp and Nuveen Multi go up and down completely randomly.

Pair Corralation between Nokia Corp and Nuveen Multi

Considering the 90-day investment horizon Nokia Corp ADR is expected to under-perform the Nuveen Multi. In addition to that, Nokia Corp is 1.6 times more volatile than Nuveen Multi Mrkt. It trades about -0.21 of its total potential returns per unit of risk. Nuveen Multi Mrkt is currently generating about 0.15 per unit of volatility. If you would invest  591.00  in Nuveen Multi Mrkt on May 7, 2025 and sell it today you would earn a total of  51.00  from holding Nuveen Multi Mrkt or generate 8.63% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Nokia Corp ADR  vs.  Nuveen Multi Mrkt

Nokia Corp ADR

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nokia Corp ADR has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unsteady performance in the last few months, the Stock's basic indicators remain quite persistent which may send shares a bit higher in September 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Nuveen Multi Mrkt

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Nuveen Multi Mrkt are ranked lower than 11 (%) of all funds and portfolios of funds over the last 90 days. In spite of very weak primary indicators, Nuveen Multi may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Nokia Corp and Nuveen Multi

The main advantage of trading using opposite Nokia Corp and Nuveen Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nokia Corp position performs unexpectedly, Nuveen Multi 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 Nuveen Multi will offset losses from the drop in Nuveen Multi's long position.

The idea behind Nokia Corp ADR and Nuveen Multi Mrkt pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.