Correlation Between United Airlines and 191216CE8
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By analyzing existing cross correlation between United Airlines Holdings and COCA A 29, you can compare the effects of market volatilities on United Airlines and 191216CE8 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 United Airlines with a short position of 191216CE8. Check out your portfolio center. Please also check ongoing floating volatility patterns of United Airlines and 191216CE8.
Diversification Opportunities for United Airlines and 191216CE8
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between United and 191216CE8 is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding United Airlines Holdings and COCA A 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COCA A 29 and United Airlines 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 United Airlines Holdings are associated (or correlated) with 191216CE8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COCA A 29 has no effect on the direction of United Airlines i.e., United Airlines and 191216CE8 go up and down completely randomly.
Pair Corralation between United Airlines and 191216CE8
Considering the 90-day investment horizon United Airlines Holdings is expected to generate 6.98 times more return on investment than 191216CE8. However, United Airlines is 6.98 times more volatile than COCA A 29. It trades about 0.14 of its potential returns per unit of risk. COCA A 29 is currently generating about -0.02 per unit of risk. If you would invest 4,056 in United Airlines Holdings on September 4, 2024 and sell it today you would earn a total of 5,523 from holding United Airlines Holdings or generate 136.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.33% |
| Values | Daily Returns |
United Airlines Holdings vs. COCA A 29
Performance |
| Timeline |
| United Airlines Holdings |
| COCA A 29 |
United Airlines and 191216CE8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with United Airlines and 191216CE8
The main advantage of trading using opposite United Airlines and 191216CE8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United Airlines position performs unexpectedly, 191216CE8 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 191216CE8 will offset losses from the drop in 191216CE8's long position.| United Airlines vs. American Airlines Group | United Airlines vs. Southwest Airlines | United Airlines vs. JetBlue Airways Corp | United Airlines vs. Delta Air Lines |
| 191216CE8 vs. The Travelers Companies | 191216CE8 vs. GE Aerospace | 191216CE8 vs. Walmart | 191216CE8 vs. Pfizer Inc |
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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