Correlation Between PATTERSON and Aegean Airlines

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Can any of the company-specific risk be diversified away by investing in both PATTERSON and Aegean Airlines at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining PATTERSON and Aegean Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PATTERSON UTI ENERGY INC and Aegean Airlines SA, you can compare the effects of market volatilities on PATTERSON 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 PATTERSON with a short position of Aegean Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of PATTERSON and Aegean Airlines.

Diversification Opportunities for PATTERSON and Aegean Airlines

0.05
  Correlation Coefficient

Significant diversification

The 3 months correlation between PATTERSON and Aegean is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding PATTERSON UTI ENERGY INC 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 PATTERSON 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 PATTERSON UTI ENERGY INC 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 PATTERSON i.e., PATTERSON and Aegean Airlines go up and down completely randomly.

Pair Corralation between PATTERSON and Aegean Airlines

If you would invest  9,609  in PATTERSON UTI ENERGY INC on November 28, 2024 and sell it today you would earn a total of  52.00  from holding PATTERSON UTI ENERGY INC or generate 0.54% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

PATTERSON UTI ENERGY INC  vs.  Aegean Airlines SA

 Performance 
       Timeline  
PATTERSON UTI ENERGY 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in PATTERSON UTI ENERGY INC are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, PATTERSON is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.
Aegean Airlines SA 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Aegean Airlines SA has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Aegean Airlines is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

PATTERSON and Aegean Airlines Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with PATTERSON and Aegean Airlines

The main advantage of trading using opposite PATTERSON and Aegean Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PATTERSON 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.
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The idea behind PATTERSON UTI ENERGY INC and Aegean Airlines SA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.

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