Correlation Between Aegean Airlines and GBLATL
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By analyzing existing cross correlation between Aegean Airlines SA and GBLATL 1625 15 JAN 26, you can compare the effects of market volatilities on Aegean Airlines and GBLATL 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 GBLATL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and GBLATL.
Diversification Opportunities for Aegean Airlines and GBLATL
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Aegean and GBLATL is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and GBLATL 1625 15 JAN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GBLATL 1625 15 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 GBLATL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GBLATL 1625 15 has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and GBLATL go up and down completely randomly.
Pair Corralation between Aegean Airlines and GBLATL
Assuming the 90 days horizon Aegean Airlines SA is expected to under-perform the GBLATL. In addition to that, Aegean Airlines is 1.68 times more volatile than GBLATL 1625 15 JAN 26. It trades about -0.05 of its total potential returns per unit of risk. GBLATL 1625 15 JAN 26 is currently generating about -0.01 per unit of volatility. If you would invest 9,092 in GBLATL 1625 15 JAN 26 on September 4, 2024 and sell it today you would lose (124.00) from holding GBLATL 1625 15 JAN 26 or give up 1.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 43.55% |
| Values | Daily Returns |
Aegean Airlines SA vs. GBLATL 1625 15 JAN 26
Performance |
| Timeline |
| Aegean Airlines SA |
| GBLATL 1625 15 |
Aegean Airlines and GBLATL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and GBLATL
The main advantage of trading using opposite Aegean Airlines and GBLATL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, GBLATL 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 GBLATL will offset losses from the drop in GBLATL's long position.| Aegean Airlines vs. Apple Inc | Aegean Airlines vs. Microsoft | Aegean Airlines vs. Amazon Inc | Aegean Airlines vs. Alphabet Inc Class C |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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