Correlation Between AEGEAN AIRLINES and Anglo American
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By analyzing existing cross correlation between AEGEAN AIRLINES and Anglo American plc, you can compare the effects of market volatilities on AEGEAN AIRLINES and Anglo American 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 Anglo American. Check out your portfolio center. Please also check ongoing floating volatility patterns of AEGEAN AIRLINES and Anglo American.
Diversification Opportunities for AEGEAN AIRLINES and Anglo American
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between AEGEAN and Anglo is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding AEGEAN AIRLINES and Anglo American plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anglo American plc 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 Anglo American. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anglo American plc has no effect on the direction of AEGEAN AIRLINES i.e., AEGEAN AIRLINES and Anglo American go up and down completely randomly.
Pair Corralation between AEGEAN AIRLINES and Anglo American
Assuming the 90 days trading horizon AEGEAN AIRLINES is expected to generate 0.78 times more return on investment than Anglo American. However, AEGEAN AIRLINES is 1.29 times less risky than Anglo American. It trades about 0.07 of its potential returns per unit of risk. Anglo American plc is currently generating about -0.01 per unit of risk. If you would invest 575.00 in AEGEAN AIRLINES on October 18, 2024 and sell it today you would earn a total of 431.00 from holding AEGEAN AIRLINES or generate 74.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
AEGEAN AIRLINES vs. Anglo American plc
Performance |
| Timeline |
| AEGEAN AIRLINES |
| Anglo American plc |
AEGEAN AIRLINES and Anglo American Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEGEAN AIRLINES and Anglo American
The main advantage of trading using opposite AEGEAN AIRLINES and Anglo American positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEGEAN AIRLINES position performs unexpectedly, Anglo American 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 Anglo American will offset losses from the drop in Anglo American's long position.| AEGEAN AIRLINES vs. National Beverage Corp | AEGEAN AIRLINES vs. AECOM TECHNOLOGY | AEGEAN AIRLINES vs. Kingdee International Software | AEGEAN AIRLINES vs. X FAB Silicon Foundries |
| Anglo American vs. AEGEAN AIRLINES | Anglo American vs. International Consolidated Airlines | Anglo American vs. Aegean Airlines SA | Anglo American vs. Singapore Airlines Limited |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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