Correlation Between Mesa Air and KRAFT
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By analyzing existing cross correlation between Mesa Air Group and KRAFT HEINZ FOODS, you can compare the effects of market volatilities on Mesa Air and KRAFT 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 Mesa Air with a short position of KRAFT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mesa Air and KRAFT.
Diversification Opportunities for Mesa Air and KRAFT
Excellent diversification
The 3 months correlation between Mesa and KRAFT is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Mesa Air Group and KRAFT HEINZ FOODS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KRAFT HEINZ FOODS and Mesa 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 Mesa Air Group are associated (or correlated) with KRAFT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KRAFT HEINZ FOODS has no effect on the direction of Mesa Air i.e., Mesa Air and KRAFT go up and down completely randomly.
Pair Corralation between Mesa Air and KRAFT
Given the investment horizon of 90 days Mesa Air Group is expected to generate 13.16 times more return on investment than KRAFT. However, Mesa Air is 13.16 times more volatile than KRAFT HEINZ FOODS. It trades about 0.16 of its potential returns per unit of risk. KRAFT HEINZ FOODS is currently generating about -0.19 per unit of risk. If you would invest 116.00 in Mesa Air Group on October 22, 2024 and sell it today you would earn a total of 17.00 from holding Mesa Air Group or generate 14.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Mesa Air Group vs. KRAFT HEINZ FOODS
Performance |
| Timeline |
| Mesa Air Group |
| KRAFT HEINZ FOODS |
Mesa Air and KRAFT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mesa Air and KRAFT
The main advantage of trading using opposite Mesa Air and KRAFT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mesa Air position performs unexpectedly, KRAFT 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 KRAFT will offset losses from the drop in KRAFT's long position.| Mesa Air vs. Allegiant Travel | Mesa Air vs. Sun Country Airlines | Mesa Air vs. Frontier Group Holdings | Mesa Air vs. Azul SA |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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