Correlation Between Aegean Airlines and 053332BC5
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By analyzing existing cross correlation between Aegean Airlines SA and AZO 45 01 FEB 28, you can compare the effects of market volatilities on Aegean Airlines and 053332BC5 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 053332BC5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and 053332BC5.
Diversification Opportunities for Aegean Airlines and 053332BC5
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Aegean and 053332BC5 is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and AZO 45 01 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AZO 45 01 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 053332BC5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AZO 45 01 has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and 053332BC5 go up and down completely randomly.
Pair Corralation between Aegean Airlines and 053332BC5
Assuming the 90 days horizon Aegean Airlines SA is expected to under-perform the 053332BC5. In addition to that, Aegean Airlines is 5.25 times more volatile than AZO 45 01 FEB 28. It trades about -0.22 of its total potential returns per unit of risk. AZO 45 01 FEB 28 is currently generating about 0.0 per unit of volatility. If you would invest 9,955 in AZO 45 01 FEB 28 on September 3, 2024 and sell it today you would lose (5.00) from holding AZO 45 01 FEB 28 or give up 0.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Aegean Airlines SA vs. AZO 45 01 FEB 28
Performance |
| Timeline |
| Aegean Airlines SA |
| AZO 45 01 |
Aegean Airlines and 053332BC5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and 053332BC5
The main advantage of trading using opposite Aegean Airlines and 053332BC5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, 053332BC5 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 053332BC5 will offset losses from the drop in 053332BC5'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 |
| 053332BC5 vs. Cumberland Pharmaceuticals | 053332BC5 vs. Artisan Partners Asset | 053332BC5 vs. Oatly Group AB | 053332BC5 vs. Merit Medical Systems |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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