Correlation Between Saker Aviation and Macquarie Infrastructure
Can any of the company-specific risk be diversified away by investing in both Saker Aviation and Macquarie Infrastructure 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 Macquarie Infrastructure 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 Macquarie Infrastructure Co, you can compare the effects of market volatilities on Saker Aviation and Macquarie Infrastructure 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 Macquarie Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saker Aviation and Macquarie Infrastructure.
Diversification Opportunities for Saker Aviation and Macquarie Infrastructure
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Saker and Macquarie is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Saker Aviation Services and Macquarie Infrastructure Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Macquarie Infrastructure 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 Macquarie Infrastructure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macquarie Infrastructure has no effect on the direction of Saker Aviation i.e., Saker Aviation and Macquarie Infrastructure go up and down completely randomly.
Pair Corralation between Saker Aviation and Macquarie Infrastructure
If you would invest 851.00 in Saker Aviation Services on January 17, 2024 and sell it today you would earn a total of 27.00 from holding Saker Aviation Services or generate 3.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 2.5% |
| Values | Daily Returns |
Saker Aviation Services vs. Macquarie Infrastructure Co
Performance |
| Timeline |
| Saker Aviation Services |
| Macquarie Infrastructure |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Saker Aviation and Macquarie Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saker Aviation and Macquarie Infrastructure
The main advantage of trading using opposite Saker Aviation and Macquarie Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saker Aviation position performs unexpectedly, Macquarie Infrastructure 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 Macquarie Infrastructure will offset losses from the drop in Macquarie Infrastructure's long position.| Saker Aviation vs. Bank Mandiri Persero | Saker Aviation vs. Bank Mandiri Persero | Saker Aviation vs. PT Bank Rakyat | Saker Aviation vs. Bank Rakyat |
| Macquarie Infrastructure vs. Griffon | Macquarie Infrastructure vs. Perseus Mining Limited | Macquarie Infrastructure vs. Vita Coco | Macquarie Infrastructure vs. Constellation Brands Class |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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