Correlation Between Finnair Oyj and 67021CAS6
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By analyzing existing cross correlation between Finnair Oyj and ES 455 01 JUN 52, you can compare the effects of market volatilities on Finnair Oyj and 67021CAS6 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 Finnair Oyj with a short position of 67021CAS6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Finnair Oyj and 67021CAS6.
Diversification Opportunities for Finnair Oyj and 67021CAS6
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Finnair and 67021CAS6 is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Finnair Oyj and ES 455 01 JUN 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ES 455 01 and Finnair Oyj 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 Finnair Oyj are associated (or correlated) with 67021CAS6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ES 455 01 has no effect on the direction of Finnair Oyj i.e., Finnair Oyj and 67021CAS6 go up and down completely randomly.
Pair Corralation between Finnair Oyj and 67021CAS6
Assuming the 90 days horizon Finnair Oyj is expected to generate 4.12 times more return on investment than 67021CAS6. However, Finnair Oyj is 4.12 times more volatile than ES 455 01 JUN 52. It trades about 0.34 of its potential returns per unit of risk. ES 455 01 JUN 52 is currently generating about 0.13 per unit of risk. If you would invest 250.00 in Finnair Oyj on November 28, 2024 and sell it today you would earn a total of 101.00 from holding Finnair Oyj or generate 40.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 68.18% |
| Values | Daily Returns |
Finnair Oyj vs. ES 455 01 JUN 52
Performance |
| Timeline |
| Finnair Oyj |
| ES 455 01 |
Finnair Oyj and 67021CAS6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Finnair Oyj and 67021CAS6
The main advantage of trading using opposite Finnair Oyj and 67021CAS6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Finnair Oyj position performs unexpectedly, 67021CAS6 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 67021CAS6 will offset losses from the drop in 67021CAS6's long position.| Finnair Oyj vs. easyJet plc | Finnair Oyj vs. Norse Atlantic ASA | Finnair Oyj vs. Air New Zealand | Finnair Oyj vs. Air China Limited |
| 67021CAS6 vs. Weibo Corp | 67021CAS6 vs. Pinterest | 67021CAS6 vs. Iridium Communications | 67021CAS6 vs. Integral Ad Science |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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