Correlation Between 01748TAC5 and American Airlines
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By analyzing existing cross correlation between ALLE 5411 01 JUL 32 and American Airlines Group, you can compare the effects of market volatilities on 01748TAC5 and American 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 01748TAC5 with a short position of American Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of 01748TAC5 and American Airlines.
Diversification Opportunities for 01748TAC5 and American Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 01748TAC5 and American is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ALLE 5411 01 JUL 32 and American Airlines Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Airlines and 01748TAC5 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 ALLE 5411 01 JUL 32 are associated (or correlated) with American Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Airlines has no effect on the direction of 01748TAC5 i.e., 01748TAC5 and American Airlines go up and down completely randomly.
Pair Corralation between 01748TAC5 and American Airlines
If you would invest 1,150 in American Airlines Group on September 2, 2024 and sell it today you would earn a total of 302.00 from holding American Airlines Group or generate 26.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ALLE 5411 01 JUL 32 vs. American Airlines Group
Performance |
| Timeline |
| ALLE 5411 01 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| American Airlines |
01748TAC5 and American Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 01748TAC5 and American Airlines
The main advantage of trading using opposite 01748TAC5 and American Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 01748TAC5 position performs unexpectedly, American 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 American Airlines will offset losses from the drop in American Airlines' long position.| 01748TAC5 vs. NioCorp Developments Ltd | 01748TAC5 vs. IPG Photonics | 01748TAC5 vs. Parker Hannifin | 01748TAC5 vs. Cementos Pacasmayo SAA |
| American Airlines vs. Canadian Pacific Railway | American Airlines vs. Werner Enterprises | American Airlines vs. Canadian National Railway | American Airlines vs. CSX Corporation |
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.
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