Correlation Between Hawaiian Holdings and PACIFIC
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By analyzing existing cross correlation between Hawaiian Holdings and PACIFIC GAS ELECTRIC, you can compare the effects of market volatilities on Hawaiian Holdings and PACIFIC 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 Hawaiian Holdings with a short position of PACIFIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawaiian Holdings and PACIFIC.
Diversification Opportunities for Hawaiian Holdings and PACIFIC
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hawaiian and PACIFIC is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Holdings and PACIFIC GAS ELECTRIC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFIC GAS ELECTRIC and Hawaiian 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 Hawaiian Holdings are associated (or correlated) with PACIFIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFIC GAS ELECTRIC has no effect on the direction of Hawaiian Holdings i.e., Hawaiian Holdings and PACIFIC go up and down completely randomly.
Pair Corralation between Hawaiian Holdings and PACIFIC
If you would invest 1,800 in Hawaiian Holdings on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Hawaiian Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Hawaiian Holdings vs. PACIFIC GAS ELECTRIC
Performance |
| Timeline |
| Hawaiian Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| PACIFIC GAS ELECTRIC |
Hawaiian Holdings and PACIFIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hawaiian Holdings and PACIFIC
The main advantage of trading using opposite Hawaiian Holdings and PACIFIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawaiian Holdings position performs unexpectedly, PACIFIC 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 PACIFIC will offset losses from the drop in PACIFIC's long position.| Hawaiian Holdings vs. Southwest Airlines | Hawaiian Holdings vs. JetBlue Airways Corp | Hawaiian Holdings vs. United Airlines Holdings | Hawaiian Holdings vs. Delta Air Lines |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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