Correlation Between OURGAME INTHOLDL-00005 and AEGEAN AIRLINES
Can any of the company-specific risk be diversified away by investing in both OURGAME INTHOLDL-00005 and AEGEAN AIRLINES 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 OURGAME INTHOLDL-00005 and AEGEAN AIRLINES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OURGAME INTHOLDL 00005 and AEGEAN AIRLINES, you can compare the effects of market volatilities on OURGAME INTHOLDL-00005 and AEGEAN AIRLINES 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 OURGAME INTHOLDL-00005 with a short position of AEGEAN AIRLINES. Check out your portfolio center. Please also check ongoing floating volatility patterns of OURGAME INTHOLDL-00005 and AEGEAN AIRLINES.
Diversification Opportunities for OURGAME INTHOLDL-00005 and AEGEAN AIRLINES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OURGAME and AEGEAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OURGAME INTHOLDL 00005 and AEGEAN AIRLINES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEGEAN AIRLINES and OURGAME INTHOLDL-00005 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 OURGAME INTHOLDL 00005 are associated (or correlated) with AEGEAN AIRLINES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEGEAN AIRLINES has no effect on the direction of OURGAME INTHOLDL-00005 i.e., OURGAME INTHOLDL-00005 and AEGEAN AIRLINES go up and down completely randomly.
Pair Corralation between OURGAME INTHOLDL-00005 and AEGEAN AIRLINES
If you would invest 965.00 in AEGEAN AIRLINES on September 12, 2024 and sell it today you would earn a total of 40.00 from holding AEGEAN AIRLINES or generate 4.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
OURGAME INTHOLDL 00005 vs. AEGEAN AIRLINES
Performance |
| Timeline |
| OURGAME INTHOLDL 00005 |
| AEGEAN AIRLINES |
OURGAME INTHOLDL-00005 and AEGEAN AIRLINES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OURGAME INTHOLDL-00005 and AEGEAN AIRLINES
The main advantage of trading using opposite OURGAME INTHOLDL-00005 and AEGEAN AIRLINES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OURGAME INTHOLDL-00005 position performs unexpectedly, AEGEAN AIRLINES 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 AEGEAN AIRLINES will offset losses from the drop in AEGEAN AIRLINES's long position.| OURGAME INTHOLDL-00005 vs. NEXON Co | OURGAME INTHOLDL-00005 vs. Take Two Interactive Software | OURGAME INTHOLDL-00005 vs. Superior Plus Corp | OURGAME INTHOLDL-00005 vs. SIVERS SEMICONDUCTORS AB |
| AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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