Correlation Between Aegean Airlines and PSI Software
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By analyzing existing cross correlation between Aegean Airlines SA and PSI Software AG, you can compare the effects of market volatilities on Aegean Airlines and PSI Software 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 PSI Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and PSI Software.
Diversification Opportunities for Aegean Airlines and PSI Software
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Aegean and PSI is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and PSI Software AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PSI Software 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 PSI Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PSI Software AG has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and PSI Software go up and down completely randomly.
Pair Corralation between Aegean Airlines and PSI Software
Assuming the 90 days horizon Aegean Airlines SA is expected to under-perform the PSI Software. In addition to that, Aegean Airlines is 1.81 times more volatile than PSI Software AG. It trades about -0.04 of its total potential returns per unit of risk. PSI Software AG is currently generating about 0.26 per unit of volatility. If you would invest 2,160 in PSI Software AG on November 9, 2024 and sell it today you would earn a total of 140.00 from holding PSI Software AG or generate 6.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aegean Airlines SA vs. PSI Software AG
Performance |
| Timeline |
| Aegean Airlines SA |
| PSI Software AG |
Aegean Airlines and PSI Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and PSI Software
The main advantage of trading using opposite Aegean Airlines and PSI Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, PSI Software 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 PSI Software will offset losses from the drop in PSI Software's long position.| Aegean Airlines vs. Prosiebensat 1 Media | Aegean Airlines vs. Japan Tobacco | Aegean Airlines vs. Tradegate AG Wertpapierhandelsbank | Aegean Airlines vs. IMPERIAL TOBACCO |
| PSI Software vs. Perseus Mining Limited | PSI Software vs. Altair Engineering | PSI Software vs. LAir Liquide SA | PSI Software vs. CHINA SOUTHN AIR H |
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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