Correlation Between Aegean Airlines and BB Biotech
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By analyzing existing cross correlation between Aegean Airlines SA and BB Biotech AG, you can compare the effects of market volatilities on Aegean Airlines and BB Biotech 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 BB Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and BB Biotech.
Diversification Opportunities for Aegean Airlines and BB Biotech
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aegean and BBZA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and BB Biotech AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BB Biotech AG 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 BB Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BB Biotech AG has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and BB Biotech go up and down completely randomly.
Pair Corralation between Aegean Airlines and BB Biotech
Assuming the 90 days horizon Aegean Airlines SA is expected to under-perform the BB Biotech. In addition to that, Aegean Airlines is 1.09 times more volatile than BB Biotech AG. It trades about -0.08 of its total potential returns per unit of risk. BB Biotech AG is currently generating about 0.09 per unit of volatility. If you would invest 3,885 in BB Biotech AG on September 1, 2024 and sell it today you would earn a total of 115.00 from holding BB Biotech AG or generate 2.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Aegean Airlines SA vs. BB Biotech AG
Performance |
| Timeline |
| Aegean Airlines SA |
| BB Biotech AG |
Aegean Airlines and BB Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and BB Biotech
The main advantage of trading using opposite Aegean Airlines and BB Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, BB Biotech 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 BB Biotech will offset losses from the drop in BB Biotech's long position.| Aegean Airlines vs. Southwest Airlines Co | Aegean Airlines vs. Superior Plus Corp | Aegean Airlines vs. NMI Holdings | Aegean Airlines vs. Origin Agritech |
| BB Biotech vs. MITSUBISHI STEEL MFG | BB Biotech vs. SERI INDUSTRIAL EO | BB Biotech vs. LION ONE METALS | BB Biotech vs. Harmony Gold Mining |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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