Correlation Between Aegean Airlines and 12572QAH8
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By analyzing existing cross correlation between Aegean Airlines SA and CME GROUP INC, you can compare the effects of market volatilities on Aegean Airlines and 12572QAH8 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 12572QAH8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and 12572QAH8.
Diversification Opportunities for Aegean Airlines and 12572QAH8
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Aegean and 12572QAH8 is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and CME GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CME GROUP INC 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 12572QAH8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CME GROUP INC has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and 12572QAH8 go up and down completely randomly.
Pair Corralation between Aegean Airlines and 12572QAH8
Assuming the 90 days horizon Aegean Airlines SA is expected to under-perform the 12572QAH8. But the pink sheet apears to be less risky and, when comparing its historical volatility, Aegean Airlines SA is 1.08 times less risky than 12572QAH8. The pink sheet trades about -0.12 of its potential returns per unit of risk. The CME GROUP INC is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 8,870 in CME GROUP INC on September 3, 2024 and sell it today you would earn a total of 75.00 from holding CME GROUP INC or generate 0.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 56.92% |
| Values | Daily Returns |
Aegean Airlines SA vs. CME GROUP INC
Performance |
| Timeline |
| Aegean Airlines SA |
| CME GROUP INC |
Aegean Airlines and 12572QAH8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and 12572QAH8
The main advantage of trading using opposite Aegean Airlines and 12572QAH8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, 12572QAH8 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 12572QAH8 will offset losses from the drop in 12572QAH8'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 |
| 12572QAH8 vs. American Airlines Group | 12572QAH8 vs. Aegean Airlines SA | 12572QAH8 vs. Ryanair Holdings PLC | 12572QAH8 vs. Constellation Brands Class |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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