Correlation Between Allegiant Travel and LLOYDS
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By analyzing existing cross correlation between Allegiant Travel and LLOYDS BKG GROUP, you can compare the effects of market volatilities on Allegiant Travel and LLOYDS 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 Allegiant Travel with a short position of LLOYDS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allegiant Travel and LLOYDS.
Diversification Opportunities for Allegiant Travel and LLOYDS
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Allegiant and LLOYDS is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Allegiant Travel and LLOYDS BKG GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LLOYDS BKG GROUP and Allegiant Travel 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 Allegiant Travel are associated (or correlated) with LLOYDS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LLOYDS BKG GROUP has no effect on the direction of Allegiant Travel i.e., Allegiant Travel and LLOYDS go up and down completely randomly.
Pair Corralation between Allegiant Travel and LLOYDS
Given the investment horizon of 90 days Allegiant Travel is expected to generate 8.83 times more return on investment than LLOYDS. However, Allegiant Travel is 8.83 times more volatile than LLOYDS BKG GROUP. It trades about 0.24 of its potential returns per unit of risk. LLOYDS BKG GROUP is currently generating about -0.18 per unit of risk. If you would invest 7,454 in Allegiant Travel on September 13, 2024 and sell it today you would earn a total of 1,216 from holding Allegiant Travel or generate 16.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Allegiant Travel vs. LLOYDS BKG GROUP
Performance |
| Timeline |
| Allegiant Travel |
| LLOYDS BKG GROUP |
Allegiant Travel and LLOYDS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allegiant Travel and LLOYDS
The main advantage of trading using opposite Allegiant Travel and LLOYDS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allegiant Travel position performs unexpectedly, LLOYDS 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 LLOYDS will offset losses from the drop in LLOYDS's long position.| Allegiant Travel vs. American Airlines Group | Allegiant Travel vs. Southwest Airlines | Allegiant Travel vs. United Airlines Holdings | Allegiant Travel vs. Frontier Group Holdings |
| LLOYDS vs. AEP TEX INC | LLOYDS vs. US BANK NATIONAL | LLOYDS vs. Recursion Pharmaceuticals | LLOYDS vs. SoundHound AI |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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