Correlation Between 207597EG6 and Mesa Air
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By analyzing existing cross correlation between CONNECTICUT LT PWR and Mesa Air Group, you can compare the effects of market volatilities on 207597EG6 and Mesa Air 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 207597EG6 with a short position of Mesa Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of 207597EG6 and Mesa Air.
Diversification Opportunities for 207597EG6 and Mesa Air
Very weak diversification
The 3 months correlation between 207597EG6 and Mesa is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding CONNECTICUT LT PWR and Mesa Air Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mesa Air Group and 207597EG6 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 CONNECTICUT LT PWR are associated (or correlated) with Mesa Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mesa Air Group has no effect on the direction of 207597EG6 i.e., 207597EG6 and Mesa Air go up and down completely randomly.
Pair Corralation between 207597EG6 and Mesa Air
Assuming the 90 days trading horizon CONNECTICUT LT PWR is expected to under-perform the Mesa Air. But the bond apears to be less risky and, when comparing its historical volatility, CONNECTICUT LT PWR is 2.01 times less risky than Mesa Air. The bond trades about -0.12 of its potential returns per unit of risk. The Mesa Air Group is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 88.00 in Mesa Air Group on September 4, 2024 and sell it today you would earn a total of 15.00 from holding Mesa Air Group or generate 17.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
CONNECTICUT LT PWR vs. Mesa Air Group
Performance |
| Timeline |
| CONNECTICUT LT PWR |
| Mesa Air Group |
207597EG6 and Mesa Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 207597EG6 and Mesa Air
The main advantage of trading using opposite 207597EG6 and Mesa Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 207597EG6 position performs unexpectedly, Mesa Air 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 Mesa Air will offset losses from the drop in Mesa Air's long position.| 207597EG6 vs. Pintec Technology Holdings | 207597EG6 vs. Univest Pennsylvania | 207597EG6 vs. Hurco Companies | 207597EG6 vs. AmTrust Financial Services |
| Mesa Air vs. Allegiant Travel | Mesa Air vs. Sun Country Airlines | Mesa Air vs. Frontier Group Holdings | Mesa Air vs. Azul SA |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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