Correlation Between Saker Aviation and Grupo Aeroportuario
Can any of the company-specific risk be diversified away by investing in both Saker Aviation and Grupo Aeroportuario 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 Saker Aviation and Grupo Aeroportuario into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Saker Aviation Services and Grupo Aeroportuario del, you can compare the effects of market volatilities on Saker Aviation and Grupo Aeroportuario 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 Saker Aviation with a short position of Grupo Aeroportuario. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saker Aviation and Grupo Aeroportuario.
Diversification Opportunities for Saker Aviation and Grupo Aeroportuario
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Saker and Grupo is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Saker Aviation Services and Grupo Aeroportuario del in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Aeroportuario del and Saker Aviation 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 Saker Aviation Services are associated (or correlated) with Grupo Aeroportuario. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Aeroportuario del has no effect on the direction of Saker Aviation i.e., Saker Aviation and Grupo Aeroportuario go up and down completely randomly.
Pair Corralation between Saker Aviation and Grupo Aeroportuario
Given the investment horizon of 90 days Saker Aviation is expected to generate 2.47 times less return on investment than Grupo Aeroportuario. In addition to that, Saker Aviation is 1.06 times more volatile than Grupo Aeroportuario del. It trades about 0.08 of its total potential returns per unit of risk. Grupo Aeroportuario del is currently generating about 0.22 per unit of volatility. If you would invest 30,982 in Grupo Aeroportuario del on January 25, 2024 and sell it today you would earn a total of 2,856 from holding Grupo Aeroportuario del or generate 9.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saker Aviation Services vs. Grupo Aeroportuario del
Performance |
| Timeline |
| Saker Aviation Services |
| Grupo Aeroportuario del |
Saker Aviation and Grupo Aeroportuario Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saker Aviation and Grupo Aeroportuario
The main advantage of trading using opposite Saker Aviation and Grupo Aeroportuario positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saker Aviation position performs unexpectedly, Grupo Aeroportuario 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 Grupo Aeroportuario will offset losses from the drop in Grupo Aeroportuario's long position.| Saker Aviation vs. Virtual Medical International | Saker Aviation vs. Anything Tech Media | Saker Aviation vs. Global Hemp Group | Saker Aviation vs. Cannabis Suisse Corp |
| Grupo Aeroportuario vs. AerSale Corp | Grupo Aeroportuario vs. Flughafen Zrich AG | Grupo Aeroportuario vs. Airports of Thailand | Grupo Aeroportuario vs. Auckland International Airport |
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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