Correlation Between Aegean Airlines and PACIFIC ONLINE
Can any of the company-specific risk be diversified away by investing in both Aegean Airlines and PACIFIC ONLINE 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 PACIFIC ONLINE 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 PACIFIC ONLINE, you can compare the effects of market volatilities on Aegean Airlines and PACIFIC ONLINE 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 PACIFIC ONLINE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and PACIFIC ONLINE.
Diversification Opportunities for Aegean Airlines and PACIFIC ONLINE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aegean and PACIFIC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and PACIFIC ONLINE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFIC ONLINE 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 PACIFIC ONLINE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFIC ONLINE has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and PACIFIC ONLINE go up and down completely randomly.
Pair Corralation between Aegean Airlines and PACIFIC ONLINE
If you would invest 15.00 in PACIFIC ONLINE on September 3, 2024 and sell it today you would earn a total of 0.00 from holding PACIFIC ONLINE or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Aegean Airlines SA vs. PACIFIC ONLINE
Performance |
| Timeline |
| Aegean Airlines SA |
| PACIFIC ONLINE |
Aegean Airlines and PACIFIC ONLINE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and PACIFIC ONLINE
The main advantage of trading using opposite Aegean Airlines and PACIFIC ONLINE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, PACIFIC ONLINE 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 PACIFIC ONLINE will offset losses from the drop in PACIFIC ONLINE's long position.| Aegean Airlines vs. ETFS Coffee ETC | Aegean Airlines vs. Darden Restaurants | Aegean Airlines vs. Waste Management | Aegean Airlines vs. BJs Restaurants |
| PACIFIC ONLINE vs. Hyrican Informationssysteme Aktiengesellschaft | PACIFIC ONLINE vs. Universal Insurance Holdings | PACIFIC ONLINE vs. Public Storage | PACIFIC ONLINE vs. Singapore Reinsurance |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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