Correlation Between AEGEAN AIRLINES and UNIMAT SOYOKAZE
Can any of the company-specific risk be diversified away by investing in both AEGEAN AIRLINES and UNIMAT SOYOKAZE 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 UNIMAT SOYOKAZE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AEGEAN AIRLINES and UNIMAT SOYOKAZE, you can compare the effects of market volatilities on AEGEAN AIRLINES and UNIMAT SOYOKAZE 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 UNIMAT SOYOKAZE. Check out your portfolio center. Please also check ongoing floating volatility patterns of AEGEAN AIRLINES and UNIMAT SOYOKAZE.
Diversification Opportunities for AEGEAN AIRLINES and UNIMAT SOYOKAZE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AEGEAN and UNIMAT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AEGEAN AIRLINES and UNIMAT SOYOKAZE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNIMAT SOYOKAZE 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 UNIMAT SOYOKAZE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNIMAT SOYOKAZE has no effect on the direction of AEGEAN AIRLINES i.e., AEGEAN AIRLINES and UNIMAT SOYOKAZE go up and down completely randomly.
Pair Corralation between AEGEAN AIRLINES and UNIMAT SOYOKAZE
If you would invest 591.00 in AEGEAN AIRLINES on October 23, 2024 and sell it today you would earn a total of 406.00 from holding AEGEAN AIRLINES or generate 68.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
AEGEAN AIRLINES vs. UNIMAT SOYOKAZE
Performance |
| Timeline |
| AEGEAN AIRLINES |
| UNIMAT SOYOKAZE |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AEGEAN AIRLINES and UNIMAT SOYOKAZE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEGEAN AIRLINES and UNIMAT SOYOKAZE
The main advantage of trading using opposite AEGEAN AIRLINES and UNIMAT SOYOKAZE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEGEAN AIRLINES position performs unexpectedly, UNIMAT SOYOKAZE 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 UNIMAT SOYOKAZE will offset losses from the drop in UNIMAT SOYOKAZE's long position.| AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc | AEGEAN AIRLINES vs. Apple Inc |
| UNIMAT SOYOKAZE vs. CHINA SOUTHN AIR H | UNIMAT SOYOKAZE vs. FORWARD AIR P | UNIMAT SOYOKAZE vs. AEGEAN AIRLINES | UNIMAT SOYOKAZE vs. JAPAN AIRLINES |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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