Correlation Between Aegean Airlines and CRISPR Therapeutics
Can any of the company-specific risk be diversified away by investing in both Aegean Airlines and CRISPR Therapeutics 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 CRISPR Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aegean Airlines SA and CRISPR Therapeutics AG, you can compare the effects of market volatilities on Aegean Airlines and CRISPR Therapeutics 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 CRISPR Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and CRISPR Therapeutics.
Diversification Opportunities for Aegean Airlines and CRISPR Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aegean and CRISPR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and CRISPR Therapeutics AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CRISPR Therapeutics 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 SA are associated (or correlated) with CRISPR Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CRISPR Therapeutics has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and CRISPR Therapeutics go up and down completely randomly.
Pair Corralation between Aegean Airlines and CRISPR Therapeutics
If you would invest 991.00 in Aegean Airlines SA on October 12, 2024 and sell it today you would earn a total of 51.00 from holding Aegean Airlines SA or generate 5.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aegean Airlines SA vs. CRISPR Therapeutics AG
Performance |
| Timeline |
| Aegean Airlines SA |
| CRISPR Therapeutics |
Aegean Airlines and CRISPR Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and CRISPR Therapeutics
The main advantage of trading using opposite Aegean Airlines and CRISPR Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, CRISPR Therapeutics 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 CRISPR Therapeutics will offset losses from the drop in CRISPR Therapeutics' long position.| Aegean Airlines vs. Bio Techne Corp | Aegean Airlines vs. T MOBILE US | Aegean Airlines vs. Entravision Communications | Aegean Airlines vs. SOCKET MOBILE NEW |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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