Correlation Between Copa Holdings and 37045XDU7
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By analyzing existing cross correlation between Copa Holdings SA and GM 38 07 APR 25, you can compare the effects of market volatilities on Copa Holdings and 37045XDU7 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 Copa Holdings with a short position of 37045XDU7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Copa Holdings and 37045XDU7.
Diversification Opportunities for Copa Holdings and 37045XDU7
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Copa and 37045XDU7 is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Copa Holdings SA and GM 38 07 APR 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 37045XDU7 and Copa Holdings 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 Copa Holdings SA are associated (or correlated) with 37045XDU7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 37045XDU7 has no effect on the direction of Copa Holdings i.e., Copa Holdings and 37045XDU7 go up and down completely randomly.
Pair Corralation between Copa Holdings and 37045XDU7
Considering the 90-day investment horizon Copa Holdings SA is expected to generate 4.41 times more return on investment than 37045XDU7. However, Copa Holdings is 4.41 times more volatile than GM 38 07 APR 25. It trades about 0.05 of its potential returns per unit of risk. GM 38 07 APR 25 is currently generating about -0.2 per unit of risk. If you would invest 8,863 in Copa Holdings SA on December 4, 2024 and sell it today you would earn a total of 124.00 from holding Copa Holdings SA or generate 1.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Copa Holdings SA vs. GM 38 07 APR 25
Performance |
| Timeline |
| Copa Holdings SA |
| 37045XDU7 |
Copa Holdings and 37045XDU7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Copa Holdings and 37045XDU7
The main advantage of trading using opposite Copa Holdings and 37045XDU7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Copa Holdings position performs unexpectedly, 37045XDU7 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 37045XDU7 will offset losses from the drop in 37045XDU7's long position.| Copa Holdings vs. SkyWest | Copa Holdings vs. Sun Country Airlines | Copa Holdings vs. Air Transport Services | Copa Holdings vs. Frontier Group Holdings |
| 37045XDU7 vs. Smithfield Foods, Common | 37045XDU7 vs. Volaris | 37045XDU7 vs. John B Sanfilippo | 37045XDU7 vs. Aegean Airlines SA |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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