Correlation Between 26442KAD8 and Aegean Airlines
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By analyzing existing cross correlation between DUKE ENERGY P and Aegean Airlines SA, you can compare the effects of market volatilities on 26442KAD8 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 26442KAD8 with a short position of Aegean Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26442KAD8 and Aegean Airlines.
Diversification Opportunities for 26442KAD8 and Aegean Airlines
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 26442KAD8 and Aegean is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding DUKE ENERGY P 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 26442KAD8 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 DUKE ENERGY P 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 26442KAD8 i.e., 26442KAD8 and Aegean Airlines go up and down completely randomly.
Pair Corralation between 26442KAD8 and Aegean Airlines
Assuming the 90 days trading horizon DUKE ENERGY P is expected to generate 0.3 times more return on investment than Aegean Airlines. However, DUKE ENERGY P is 3.36 times less risky than Aegean Airlines. It trades about -0.22 of its potential returns per unit of risk. Aegean Airlines SA is currently generating about -0.22 per unit of risk. If you would invest 9,896 in DUKE ENERGY P on August 28, 2024 and sell it today you would lose (104.00) from holding DUKE ENERGY P or give up 1.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 33.33% |
| Values | Daily Returns |
DUKE ENERGY P vs. Aegean Airlines SA
Performance |
| Timeline |
| DUKE ENERGY P |
| Aegean Airlines SA |
26442KAD8 and Aegean Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26442KAD8 and Aegean Airlines
The main advantage of trading using opposite 26442KAD8 and Aegean Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26442KAD8 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.| 26442KAD8 vs. Transportadora de Gas | 26442KAD8 vs. NorthWestern | 26442KAD8 vs. Vistra Energy Corp | 26442KAD8 vs. Esperion Therapeutics |
| 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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