Correlation Analysis Between American Airlines and Hawaiian Holdings

This module allows you to analyze existing cross correlation between American Airlines Group and Hawaiian Holdings. You can compare the effects of market volatilities on American Airlines and Hawaiian Holdings 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 American Airlines with a short position of Hawaiian Holdings. See also your portfolio center. Please also check ongoing floating volatility patterns of American Airlines and Hawaiian Holdings.
Horizon     30 Days    Login   to change
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Comparative Performance

American Airlines  
00

Risk-Adjusted Performance

Over the last 30 days American Airlines Group has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest weak performance, the Stock's technical indicators remain steady and the new chaos on Wall Street may also be a sign of medium term gains for the business stakeholders.
Hawaiian Holdings  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hawaiian Holdings are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat sluggish basic indicators, Hawaiian Holdings may actually be approaching a critical reversion point that can send shares even higher in October 2019.

American Airlines and Hawaiian Holdings Volatility Contrast

 Predicted Return Density 
      Returns 

American Airlines Group Inc  vs.  Hawaiian Holdings Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, American Airlines Group is expected to under-perform the Hawaiian Holdings. But the stock apears to be less risky and, when comparing its historical volatility, American Airlines Group is 1.17 times less risky than Hawaiian Holdings. The stock trades about -0.08 of its potential returns per unit of risk. The Hawaiian Holdings is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  2,546  in Hawaiian Holdings on August 23, 2019 and sell it today you would earn a total of  151.00  from holding Hawaiian Holdings or generate 5.93% return on investment over 30 days.

Pair Corralation between American Airlines and Hawaiian Holdings

0.74
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for American Airlines and Hawaiian Holdings

American Airlines Group Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding American Airlines Group Inc and Hawaiian Holdings Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hawaiian Holdings and American Airlines 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 American Airlines Group are associated (or correlated) with Hawaiian Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hawaiian Holdings has no effect on the direction of American Airlines i.e. American Airlines and Hawaiian Holdings go up and down completely randomly.
See also your portfolio center. Please also try ETF Directory module to find actively-traded exchange traded funds (etf) from around the world.


 
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