Correlation Between CORNING and Mesa Air
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By analyzing existing cross correlation between CORNING INC 585 and Mesa Air Group, you can compare the effects of market volatilities on CORNING 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 CORNING with a short position of Mesa Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of CORNING and Mesa Air.
Diversification Opportunities for CORNING and Mesa Air
Very weak diversification
The 3 months correlation between CORNING and Mesa is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding CORNING INC 585 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 CORNING 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 CORNING INC 585 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 CORNING i.e., CORNING and Mesa Air go up and down completely randomly.
Pair Corralation between CORNING and Mesa Air
Assuming the 90 days trading horizon CORNING INC 585 is expected to under-perform the Mesa Air. But the bond apears to be less risky and, when comparing its historical volatility, CORNING INC 585 is 3.05 times less risky than Mesa Air. The bond trades about -0.05 of its potential returns per unit of risk. The Mesa Air Group is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 88.00 in Mesa Air Group on September 14, 2024 and sell it today you would earn a total of 18.00 from holding Mesa Air Group or generate 20.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 80.95% |
| Values | Daily Returns |
CORNING INC 585 vs. Mesa Air Group
Performance |
| Timeline |
| CORNING INC 585 |
| Mesa Air Group |
CORNING and Mesa Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CORNING and Mesa Air
The main advantage of trading using opposite CORNING and Mesa Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CORNING 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.| CORNING vs. Anheuser Busch Inbev | CORNING vs. Alvarium Tiedemann Holdings | CORNING vs. Summit Hotel Properties | CORNING vs. Boston Beer |
| Mesa Air vs. American Airlines Group | Mesa Air vs. Southwest Airlines | Mesa Air vs. United Airlines Holdings | Mesa Air vs. Frontier Group Holdings |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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