Correlation Between Aegean Airlines and PACIFICORP
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By analyzing existing cross correlation between Aegean Airlines SA and PACIFICORP 635 percent, you can compare the effects of market volatilities on Aegean Airlines and PACIFICORP 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 PACIFICORP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and PACIFICORP.
Diversification Opportunities for Aegean Airlines and PACIFICORP
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Aegean and PACIFICORP is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and PACIFICORP 635 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFICORP 635 percent 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 PACIFICORP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFICORP 635 percent has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and PACIFICORP go up and down completely randomly.
Pair Corralation between Aegean Airlines and PACIFICORP
Assuming the 90 days horizon Aegean Airlines SA is expected to generate 0.66 times more return on investment than PACIFICORP. However, Aegean Airlines SA is 1.52 times less risky than PACIFICORP. It trades about -0.12 of its potential returns per unit of risk. PACIFICORP 635 percent is currently generating about -0.1 per unit of risk. If you would invest 1,213 in Aegean Airlines SA on September 3, 2024 and sell it today you would lose (128.00) from holding Aegean Airlines SA or give up 10.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 78.46% |
| Values | Daily Returns |
Aegean Airlines SA vs. PACIFICORP 635 percent
Performance |
| Timeline |
| Aegean Airlines SA |
| PACIFICORP 635 percent |
Aegean Airlines and PACIFICORP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and PACIFICORP
The main advantage of trading using opposite Aegean Airlines and PACIFICORP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, PACIFICORP 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 PACIFICORP will offset losses from the drop in PACIFICORP'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 |
| PACIFICORP vs. Volaris | PACIFICORP vs. Alaska Air Group | PACIFICORP vs. Aegean Airlines SA | PACIFICORP vs. Western Acquisition Ventures |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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