Correlation Between Aegean Airlines and Getty Copper
Can any of the company-specific risk be diversified away by investing in both Aegean Airlines and Getty Copper 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 Getty Copper 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 Getty Copper, you can compare the effects of market volatilities on Aegean Airlines and Getty Copper 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 Getty Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and Getty Copper.
Diversification Opportunities for Aegean Airlines and Getty Copper
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aegean and Getty is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and Getty Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Copper 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 Getty Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getty Copper has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and Getty Copper go up and down completely randomly.
Pair Corralation between Aegean Airlines and Getty Copper
Assuming the 90 days horizon Aegean Airlines SA is expected to under-perform the Getty Copper. But the pink sheet apears to be less risky and, when comparing its historical volatility, Aegean Airlines SA is 7.86 times less risky than Getty Copper. The pink sheet trades about -0.12 of its potential returns per unit of risk. The Getty Copper is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 1.11 in Getty Copper on August 28, 2024 and sell it today you would earn a total of 3.77 from holding Getty Copper or generate 339.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aegean Airlines SA vs. Getty Copper
Performance |
| Timeline |
| Aegean Airlines SA |
| Getty Copper |
Aegean Airlines and Getty Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and Getty Copper
The main advantage of trading using opposite Aegean Airlines and Getty Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, Getty Copper 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 Getty Copper will offset losses from the drop in Getty Copper's long position.| Aegean Airlines vs. Copa Holdings SA | Aegean Airlines vs. United Airlines Holdings | Aegean Airlines vs. Delta Air Lines | Aegean Airlines vs. SkyWest |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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