Correlation Between AEGEAN AIRLINES and OURGAME INTHOLDL-00005
Can any of the company-specific risk be diversified away by investing in both AEGEAN AIRLINES and OURGAME INTHOLDL-00005 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 AEGEAN AIRLINES and OURGAME INTHOLDL-00005 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AEGEAN AIRLINES and OURGAME INTHOLDL 00005, you can compare the effects of market volatilities on AEGEAN AIRLINES and OURGAME INTHOLDL-00005 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 AEGEAN AIRLINES with a short position of OURGAME INTHOLDL-00005. Check out your portfolio center. Please also check ongoing floating volatility patterns of AEGEAN AIRLINES and OURGAME INTHOLDL-00005.
Diversification Opportunities for AEGEAN AIRLINES and OURGAME INTHOLDL-00005
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AEGEAN and OURGAME is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AEGEAN AIRLINES and OURGAME INTHOLDL 00005 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OURGAME INTHOLDL 00005 and AEGEAN AIRLINES 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 AEGEAN AIRLINES are associated (or correlated) with OURGAME INTHOLDL-00005. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OURGAME INTHOLDL 00005 has no effect on the direction of AEGEAN AIRLINES i.e., AEGEAN AIRLINES and OURGAME INTHOLDL-00005 go up and down completely randomly.
Pair Corralation between AEGEAN AIRLINES and OURGAME INTHOLDL-00005
If you would invest 961.00 in AEGEAN AIRLINES on September 13, 2024 and sell it today you would earn a total of 30.00 from holding AEGEAN AIRLINES or generate 3.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
AEGEAN AIRLINES vs. OURGAME INTHOLDL 00005
Performance |
| Timeline |
| AEGEAN AIRLINES |
| OURGAME INTHOLDL 00005 |
AEGEAN AIRLINES and OURGAME INTHOLDL-00005 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEGEAN AIRLINES and OURGAME INTHOLDL-00005
The main advantage of trading using opposite AEGEAN AIRLINES and OURGAME INTHOLDL-00005 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEGEAN AIRLINES position performs unexpectedly, OURGAME INTHOLDL-00005 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 OURGAME INTHOLDL-00005 will offset losses from the drop in OURGAME INTHOLDL-00005's long position.| AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc |
| 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 |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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