Correlation Between Krystal Biotech and Aegean Airlines
Can any of the company-specific risk be diversified away by investing in both Krystal Biotech and Aegean Airlines 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 Krystal Biotech and Aegean Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Krystal Biotech and Aegean Airlines SA, you can compare the effects of market volatilities on Krystal Biotech and Aegean Airlines 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 Krystal Biotech with a short position of Aegean Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Krystal Biotech and Aegean Airlines.
Diversification Opportunities for Krystal Biotech and Aegean Airlines
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Krystal and Aegean is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Krystal Biotech and Aegean Airlines SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aegean Airlines SA and Krystal Biotech 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 Krystal Biotech are associated (or correlated) with Aegean Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aegean Airlines SA has no effect on the direction of Krystal Biotech i.e., Krystal Biotech and Aegean Airlines go up and down completely randomly.
Pair Corralation between Krystal Biotech and Aegean Airlines
If you would invest 1,195 in Aegean Airlines SA on January 17, 2025 and sell it today you would earn a total of 0.00 from holding Aegean Airlines SA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Krystal Biotech vs. Aegean Airlines SA
Performance |
| Timeline |
| Krystal Biotech |
| Aegean Airlines SA |
Krystal Biotech and Aegean Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Krystal Biotech and Aegean Airlines
The main advantage of trading using opposite Krystal Biotech and Aegean Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Krystal Biotech position performs unexpectedly, Aegean Airlines 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 Aegean Airlines will offset losses from the drop in Aegean Airlines' long position.| Krystal Biotech vs. MeiraGTx Holdings PLC | Krystal Biotech vs. Apellis Pharmaceuticals | Krystal Biotech vs. Regenxbio | Krystal Biotech vs. Rhythm Pharmaceuticals |
| Aegean Airlines vs. Copa Holdings SA | Aegean Airlines vs. United Airlines Holdings | Aegean Airlines vs. Delta Air Lines | Aegean Airlines vs. SkyWest |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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