Correlation Between Grupo Televisa and Aegean Airlines
Can any of the company-specific risk be diversified away by investing in both Grupo Televisa 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 Grupo Televisa and Aegean Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grupo Televisa SAB and Aegean Airlines SA, you can compare the effects of market volatilities on Grupo Televisa 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 Grupo Televisa with a short position of Aegean Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Televisa and Aegean Airlines.
Diversification Opportunities for Grupo Televisa and Aegean Airlines
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Grupo and Aegean is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Televisa SAB 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 Grupo Televisa 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 Grupo Televisa SAB 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 Grupo Televisa i.e., Grupo Televisa and Aegean Airlines go up and down completely randomly.
Pair Corralation between Grupo Televisa and Aegean Airlines
If you would invest 1,085 in Aegean Airlines SA on September 12, 2024 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 |
Grupo Televisa SAB vs. Aegean Airlines SA
Performance |
| Timeline |
| Grupo Televisa SAB |
| Aegean Airlines SA |
Grupo Televisa and Aegean Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Televisa and Aegean Airlines
The main advantage of trading using opposite Grupo Televisa and Aegean Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Televisa 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.| Grupo Televisa vs. Orange SA ADR | Grupo Televisa vs. Telefonica Brasil SA | Grupo Televisa vs. Telefonica SA ADR | Grupo Televisa vs. Liberty Broadband Srs |
| 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |