Correlation Between AGF Management and Ryanair Holdings
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By analyzing existing cross correlation between AGF Management Limited and Ryanair Holdings plc, you can compare the effects of market volatilities on AGF Management and Ryanair Holdings 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 AGF Management with a short position of Ryanair Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF Management and Ryanair Holdings.
Diversification Opportunities for AGF Management and Ryanair Holdings
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AGF and Ryanair is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding AGF Management Limited and Ryanair Holdings plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ryanair Holdings plc and AGF Management 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 AGF Management Limited are associated (or correlated) with Ryanair Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ryanair Holdings plc has no effect on the direction of AGF Management i.e., AGF Management and Ryanair Holdings go up and down completely randomly.
Pair Corralation between AGF Management and Ryanair Holdings
Assuming the 90 days horizon AGF Management Limited is expected to generate 1.07 times more return on investment than Ryanair Holdings. However, AGF Management is 1.07 times more volatile than Ryanair Holdings plc. It trades about 0.07 of its potential returns per unit of risk. Ryanair Holdings plc is currently generating about 0.06 per unit of risk. If you would invest 401.00 in AGF Management Limited on September 21, 2024 and sell it today you would earn a total of 304.00 from holding AGF Management Limited or generate 75.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGF Management Limited vs. Ryanair Holdings plc
Performance |
| Timeline |
| AGF Management |
| Ryanair Holdings plc |
AGF Management and Ryanair Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF Management and Ryanair Holdings
The main advantage of trading using opposite AGF Management and Ryanair Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF Management position performs unexpectedly, Ryanair Holdings 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 Ryanair Holdings will offset losses from the drop in Ryanair Holdings' long position.| AGF Management vs. Ameriprise Financial | AGF Management vs. Ares Management Corp | AGF Management vs. Superior Plus Corp | AGF Management vs. SIVERS SEMICONDUCTORS AB |
| Ryanair Holdings vs. RYANAIR HLDGS ADR | Ryanair Holdings vs. Superior Plus Corp | Ryanair Holdings vs. SIVERS SEMICONDUCTORS AB | Ryanair Holdings vs. Norsk Hydro ASA |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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