Correlation Between Aegean Airlines and International Consolidated
Can any of the company-specific risk be diversified away by investing in both Aegean Airlines and International Consolidated 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 International Consolidated 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 International Consolidated Airlines, you can compare the effects of market volatilities on Aegean Airlines and International Consolidated 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 International Consolidated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and International Consolidated.
Diversification Opportunities for Aegean Airlines and International Consolidated
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aegean and International is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and International Consolidated Air in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Consolidated 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 International Consolidated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Consolidated has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and International Consolidated go up and down completely randomly.
Pair Corralation between Aegean Airlines and International Consolidated
If you would invest 1,059 in Aegean Airlines SA on November 28, 2024 and sell it today you would earn a total of 32.00 from holding Aegean Airlines SA or generate 3.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Aegean Airlines SA vs. International Consolidated Air
Performance |
| Timeline |
| Aegean Airlines SA |
| International Consolidated |
Risk-Adjusted Performance
Good
Weak | Strong |
Aegean Airlines and International Consolidated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and International Consolidated
The main advantage of trading using opposite Aegean Airlines and International Consolidated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, International Consolidated 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 International Consolidated will offset losses from the drop in International Consolidated's long position.| Aegean Airlines vs. Ryanair Holdings plc | Aegean Airlines vs. Yuexiu Transport Infrastructure | Aegean Airlines vs. Corsair Gaming | Aegean Airlines vs. SYSTEMAIR AB |
| International Consolidated vs. COVIVIO HOTELS INH | International Consolidated vs. GEELY AUTOMOBILE | International Consolidated vs. InterContinental Hotels Group | International Consolidated vs. MELIA HOTELS |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |