Correlation Between Aegean Airlines and 84858DAA6
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By analyzing existing cross correlation between Aegean Airlines SA and US84858DAA63, you can compare the effects of market volatilities on Aegean Airlines and 84858DAA6 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 84858DAA6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegean Airlines and 84858DAA6.
Diversification Opportunities for Aegean Airlines and 84858DAA6
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Aegean and 84858DAA6 is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and US84858DAA63 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US84858DAA63 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 84858DAA6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US84858DAA63 has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and 84858DAA6 go up and down completely randomly.
Pair Corralation between Aegean Airlines and 84858DAA6
Assuming the 90 days horizon Aegean Airlines SA is expected to under-perform the 84858DAA6. But the pink sheet apears to be less risky and, when comparing its historical volatility, Aegean Airlines SA is 1.78 times less risky than 84858DAA6. The pink sheet trades about -0.21 of its potential returns per unit of risk. The US84858DAA63 is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 8,603 in US84858DAA63 on September 2, 2024 and sell it today you would earn a total of 559.00 from holding US84858DAA63 or generate 6.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 59.09% |
| Values | Daily Returns |
Aegean Airlines SA vs. US84858DAA63
Performance |
| Timeline |
| Aegean Airlines SA |
| US84858DAA63 |
Aegean Airlines and 84858DAA6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegean Airlines and 84858DAA6
The main advantage of trading using opposite Aegean Airlines and 84858DAA6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, 84858DAA6 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 84858DAA6 will offset losses from the drop in 84858DAA6's long position.| Aegean Airlines vs. Legacy Education | Aegean Airlines vs. Apple Inc | Aegean Airlines vs. NVIDIA | Aegean Airlines vs. Microsoft |
| 84858DAA6 vs. Southwest Airlines | 84858DAA6 vs. Aegean Airlines SA | 84858DAA6 vs. Upper Street Marketing | 84858DAA6 vs. Coupang LLC |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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