Correlation Between Aegean Airlines and PLAYSTUDIOS
Can any of the company-specific risk be diversified away by investing in both Aegean Airlines and PLAYSTUDIOS 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 PLAYSTUDIOS 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 PLAYSTUDIOS A DL 0001, you can compare the effects of market volatilities on Aegean Airlines and PLAYSTUDIOS 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 PLAYSTUDIOS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and PLAYSTUDIOS.
Diversification Opportunities for Aegean Airlines and PLAYSTUDIOS
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Aegean and PLAYSTUDIOS is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and PLAYSTUDIOS A DL 0001 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLAYSTUDIOS A DL 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 PLAYSTUDIOS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLAYSTUDIOS A DL has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and PLAYSTUDIOS go up and down completely randomly.
Pair Corralation between Aegean Airlines and PLAYSTUDIOS
Assuming the 90 days horizon Aegean Airlines is expected to generate 8.64 times less return on investment than PLAYSTUDIOS. But when comparing it to its historical volatility, Aegean Airlines SA is 2.31 times less risky than PLAYSTUDIOS. It trades about 0.08 of its potential returns per unit of risk. PLAYSTUDIOS A DL 0001 is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 156.00 in PLAYSTUDIOS A DL 0001 on September 14, 2024 and sell it today you would earn a total of 48.00 from holding PLAYSTUDIOS A DL 0001 or generate 30.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aegean Airlines SA vs. PLAYSTUDIOS A DL 0001
Performance |
| Timeline |
| Aegean Airlines SA |
| PLAYSTUDIOS A DL |
Aegean Airlines and PLAYSTUDIOS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and PLAYSTUDIOS
The main advantage of trading using opposite Aegean Airlines and PLAYSTUDIOS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, PLAYSTUDIOS 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 PLAYSTUDIOS will offset losses from the drop in PLAYSTUDIOS's long position.| Aegean Airlines vs. RYANAIR HLDGS ADR | Aegean Airlines vs. Ryanair Holdings plc | Aegean Airlines vs. Superior Plus Corp | Aegean Airlines vs. SIVERS SEMICONDUCTORS AB |
| PLAYSTUDIOS vs. Apple Inc | PLAYSTUDIOS vs. Apple Inc | PLAYSTUDIOS vs. Apple Inc | PLAYSTUDIOS vs. Apple Inc |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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