Correlation Between Delta Air and Intesa Sanpaolo
Can any of the company-specific risk be diversified away by investing in both Delta Air and Intesa Sanpaolo at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Delta Air and Intesa Sanpaolo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Delta Air Lines and Intesa Sanpaolo SpA, you can compare the effects of market volatilities on Delta Air and Intesa Sanpaolo 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 Delta Air with a short position of Intesa Sanpaolo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delta Air and Intesa Sanpaolo.
Diversification Opportunities for Delta Air and Intesa Sanpaolo
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Delta and Intesa is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Delta Air Lines and Intesa Sanpaolo SpA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intesa Sanpaolo SpA and Delta Air 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 Delta Air Lines are associated (or correlated) with Intesa Sanpaolo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intesa Sanpaolo SpA has no effect on the direction of Delta Air i.e., Delta Air and Intesa Sanpaolo go up and down completely randomly.
Pair Corralation between Delta Air and Intesa Sanpaolo
If you would invest 73,937 in Delta Air Lines on October 27, 2024 and sell it today you would earn a total of 63,263 from holding Delta Air Lines or generate 85.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
Delta Air Lines vs. Intesa Sanpaolo SpA
Performance |
| Timeline |
| Delta Air Lines |
| Intesa Sanpaolo SpA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Delta Air and Intesa Sanpaolo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delta Air and Intesa Sanpaolo
The main advantage of trading using opposite Delta Air and Intesa Sanpaolo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delta Air position performs unexpectedly, Intesa Sanpaolo 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 Intesa Sanpaolo will offset losses from the drop in Intesa Sanpaolo's long position.| Delta Air vs. New Oriental Education | Delta Air vs. Capital One Financial | Delta Air vs. Ameriprise Financial | Delta Air vs. DXC Technology |
| Intesa Sanpaolo vs. CVS Health | Intesa Sanpaolo vs. GMxico Transportes SAB | Intesa Sanpaolo vs. UnitedHealth Group Incorporated | Intesa Sanpaolo vs. Verizon Communications |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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