Correlation Between Aegean Airlines and 00206RJY9
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By analyzing existing cross correlation between Aegean Airlines SA and ATT INC, you can compare the effects of market volatilities on Aegean Airlines and 00206RJY9 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 00206RJY9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and 00206RJY9.
Diversification Opportunities for Aegean Airlines and 00206RJY9
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Aegean and 00206RJY9 is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and ATT INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 00206RJY9 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 00206RJY9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 00206RJY9 has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and 00206RJY9 go up and down completely randomly.
Pair Corralation between Aegean Airlines and 00206RJY9
Assuming the 90 days horizon Aegean Airlines SA is expected to generate 3.57 times more return on investment than 00206RJY9. However, Aegean Airlines is 3.57 times more volatile than ATT INC. It trades about 0.07 of its potential returns per unit of risk. ATT INC is currently generating about -0.01 per unit of risk. If you would invest 532.00 in Aegean Airlines SA on September 3, 2024 and sell it today you would earn a total of 553.00 from holding Aegean Airlines SA or generate 103.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.19% |
| Values | Daily Returns |
Aegean Airlines SA vs. ATT INC
Performance |
| Timeline |
| Aegean Airlines SA |
| 00206RJY9 |
Aegean Airlines and 00206RJY9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and 00206RJY9
The main advantage of trading using opposite Aegean Airlines and 00206RJY9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, 00206RJY9 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 00206RJY9 will offset losses from the drop in 00206RJY9'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 |
| 00206RJY9 vs. Nok Airlines Public | 00206RJY9 vs. Centessa Pharmaceuticals PLC | 00206RJY9 vs. Southwest Airlines | 00206RJY9 vs. Aegean Airlines SA |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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