Correlation Between 03740LAD4 and Aegean Airlines
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By analyzing existing cross correlation between AON 285 28 MAY 27 and Aegean Airlines SA, you can compare the effects of market volatilities on 03740LAD4 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 03740LAD4 with a short position of Aegean Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of 03740LAD4 and Aegean Airlines.
Diversification Opportunities for 03740LAD4 and Aegean Airlines
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 03740LAD4 and Aegean is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding AON 285 28 MAY 27 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 03740LAD4 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 AON 285 28 MAY 27 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 03740LAD4 i.e., 03740LAD4 and Aegean Airlines go up and down completely randomly.
Pair Corralation between 03740LAD4 and Aegean Airlines
Assuming the 90 days trading horizon AON 285 28 MAY 27 is expected to generate 0.11 times more return on investment than Aegean Airlines. However, AON 285 28 MAY 27 is 9.39 times less risky than Aegean Airlines. It trades about 0.03 of its potential returns per unit of risk. Aegean Airlines SA is currently generating about -0.04 per unit of risk. If you would invest 9,351 in AON 285 28 MAY 27 on September 3, 2024 and sell it today you would earn a total of 75.00 from holding AON 285 28 MAY 27 or generate 0.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 96.6% |
| Values | Daily Returns |
AON 285 28 MAY 27 vs. Aegean Airlines SA
Performance |
| Timeline |
| AON 285 28 |
| Aegean Airlines SA |
03740LAD4 and Aegean Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 03740LAD4 and Aegean Airlines
The main advantage of trading using opposite 03740LAD4 and Aegean Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 03740LAD4 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.| 03740LAD4 vs. AEP TEX INC | 03740LAD4 vs. US BANK NATIONAL | 03740LAD4 vs. MetLife | 03740LAD4 vs. Brera Holdings PLC |
| 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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