Correlation Between Plug Power and Singapore Airlines
Specify exactly 2 symbols:
By analyzing existing cross correlation between Plug Power and Singapore Airlines Limited, you can compare the effects of market volatilities on Plug Power and Singapore 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 Plug Power with a short position of Singapore Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Plug Power and Singapore Airlines.
Diversification Opportunities for Plug Power and Singapore Airlines
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Plug and Singapore is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Plug Power and Singapore Airlines Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singapore Airlines and Plug Power 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 Plug Power are associated (or correlated) with Singapore Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singapore Airlines has no effect on the direction of Plug Power i.e., Plug Power and Singapore Airlines go up and down completely randomly.
Pair Corralation between Plug Power and Singapore Airlines
Assuming the 90 days trading horizon Plug Power is expected to generate 9.64 times more return on investment than Singapore Airlines. However, Plug Power is 9.64 times more volatile than Singapore Airlines Limited. It trades about 0.09 of its potential returns per unit of risk. Singapore Airlines Limited is currently generating about 0.06 per unit of risk. If you would invest 234.00 in Plug Power on October 13, 2024 and sell it today you would earn a total of 17.00 from holding Plug Power or generate 7.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Plug Power vs. Singapore Airlines Limited
Performance |
| Timeline |
| Plug Power |
| Singapore Airlines |
Plug Power and Singapore Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Plug Power and Singapore Airlines
The main advantage of trading using opposite Plug Power and Singapore Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Plug Power position performs unexpectedly, Singapore 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 Singapore Airlines will offset losses from the drop in Singapore Airlines' long position.| Plug Power vs. Singapore Airlines Limited | Plug Power vs. Keck Seng Investments | Plug Power vs. AGNC INVESTMENT | Plug Power vs. Gol Intelligent Airlines |
| Singapore Airlines vs. SOLSTAD OFFSHORE NK | Singapore Airlines vs. DELTA AIR LINES | Singapore Airlines vs. SBM OFFSHORE | Singapore Airlines vs. Wizz Air Holdings |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |