Correlation Between Grupo Carso and Delta Air
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By analyzing existing cross correlation between Grupo Carso SAB and Delta Air Lines, you can compare the effects of market volatilities on Grupo Carso and Delta Air 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 Grupo Carso with a short position of Delta Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Carso and Delta Air.
Diversification Opportunities for Grupo Carso and Delta Air
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Grupo and Delta is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Carso SAB and Delta Air Lines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delta Air Lines and Grupo Carso 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 Grupo Carso SAB are associated (or correlated) with Delta Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delta Air Lines has no effect on the direction of Grupo Carso i.e., Grupo Carso and Delta Air go up and down completely randomly.
Pair Corralation between Grupo Carso and Delta Air
Assuming the 90 days trading horizon Grupo Carso is expected to generate 6.34 times less return on investment than Delta Air. But when comparing it to its historical volatility, Grupo Carso SAB is 1.45 times less risky than Delta Air. It trades about 0.05 of its potential returns per unit of risk. Delta Air Lines is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 122,300 in Delta Air Lines on October 20, 2024 and sell it today you would earn a total of 14,229 from holding Delta Air Lines or generate 11.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Grupo Carso SAB vs. Delta Air Lines
Performance |
| Timeline |
| Grupo Carso SAB |
| Delta Air Lines |
Grupo Carso and Delta Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Carso and Delta Air
The main advantage of trading using opposite Grupo Carso and Delta Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Carso position performs unexpectedly, Delta Air 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 Delta Air will offset losses from the drop in Delta Air's long position.| Grupo Carso vs. Grupo Financiero Inbursa | Grupo Carso vs. Alfa SAB de | Grupo Carso vs. Kimberly Clark de Mxico | Grupo Carso vs. Grupo Televisa SAB |
| Delta Air vs. Grupo Hotelero Santa | Delta Air vs. Capital One Financial | Delta Air vs. McEwen Mining | Delta Air vs. Ameriprise Financial |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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