Correlation Between Mesa Air and Southwestern
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By analyzing existing cross correlation between Mesa Air Group and Southwestern Energy 495, you can compare the effects of market volatilities on Mesa Air and Southwestern 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 Southwestern. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mesa Air and Southwestern.
Diversification Opportunities for Mesa Air and Southwestern
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mesa and Southwestern is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Mesa Air Group and Southwestern Energy 495 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southwestern Energy 495 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 Southwestern. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southwestern Energy 495 has no effect on the direction of Mesa Air i.e., Mesa Air and Southwestern go up and down completely randomly.
Pair Corralation between Mesa Air and Southwestern
Given the investment horizon of 90 days Mesa Air Group is expected to generate 14.83 times more return on investment than Southwestern. However, Mesa Air is 14.83 times more volatile than Southwestern Energy 495. It trades about 0.03 of its potential returns per unit of risk. Southwestern Energy 495 is currently generating about 0.0 per unit of risk. If you would invest 106.00 in Mesa Air Group on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Mesa Air Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.96% |
| Values | Daily Returns |
Mesa Air Group vs. Southwestern Energy 495
Performance |
| Timeline |
| Mesa Air Group |
| Southwestern Energy 495 |
Mesa Air and Southwestern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mesa Air and Southwestern
The main advantage of trading using opposite Mesa Air and Southwestern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mesa Air position performs unexpectedly, Southwestern 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 Southwestern will offset losses from the drop in Southwestern'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 |
| Southwestern vs. Mesa Air Group | Southwestern vs. Stepan Company | Southwestern vs. Lindblad Expeditions Holdings | Southwestern vs. Delek Logistics Partners |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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