Correlation Between Aegean Airlines and Win Hanverky
Can any of the company-specific risk be diversified away by investing in both Aegean Airlines and Win Hanverky 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 Win Hanverky 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 Win Hanverky Holdings, you can compare the effects of market volatilities on Aegean Airlines and Win Hanverky 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 Win Hanverky. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and Win Hanverky.
Diversification Opportunities for Aegean Airlines and Win Hanverky
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aegean and Win is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and Win Hanverky Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Win Hanverky Holdings 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 Win Hanverky. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Win Hanverky Holdings has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and Win Hanverky go up and down completely randomly.
Pair Corralation between Aegean Airlines and Win Hanverky
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 | 0.0% |
| Values | Daily Returns |
Aegean Airlines SA vs. Win Hanverky Holdings
Performance |
| Timeline |
| Aegean Airlines SA |
| Win Hanverky Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aegean Airlines and Win Hanverky Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and Win Hanverky
The main advantage of trading using opposite Aegean Airlines and Win Hanverky positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, Win Hanverky 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 Win Hanverky will offset losses from the drop in Win Hanverky's long position.| Aegean Airlines vs. Playtech plc | Aegean Airlines vs. G8 EDUCATION | Aegean Airlines vs. Laureate Education | Aegean Airlines vs. Playmates Toys Limited |
| Win Hanverky vs. American Airlines Group | Win Hanverky vs. Aegean Airlines SA | Win Hanverky vs. BioNTech SE | Win Hanverky vs. Gol Intelligent Airlines |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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