Correlation Between AirNet Technology and SP Global
Can any of the company-specific risk be diversified away by investing in both AirNet Technology and SP Global 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 AirNet Technology and SP Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AirNet Technology and SP Global, you can compare the effects of market volatilities on AirNet Technology and SP Global 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 AirNet Technology with a short position of SP Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of AirNet Technology and SP Global.
Diversification Opportunities for AirNet Technology and SP Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AirNet and SPGI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AirNet Technology and SP Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SP Global and AirNet Technology 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 AirNet Technology are associated (or correlated) with SP Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SP Global has no effect on the direction of AirNet Technology i.e., AirNet Technology and SP Global go up and down completely randomly.
Pair Corralation between AirNet Technology and SP Global
If you would invest (100.00) in AirNet Technology on January 20, 2024 and sell it today you would earn a total of 100.00 from holding AirNet Technology or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
AirNet Technology vs. SP Global
Performance |
Timeline |
AirNet Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SP Global |
AirNet Technology and SP Global Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AirNet Technology and SP Global
The main advantage of trading using opposite AirNet Technology and SP Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AirNet Technology position performs unexpectedly, SP Global 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 SP Global will offset losses from the drop in SP Global's long position.AirNet Technology vs. Mattel Inc | AirNet Technology vs. Harmony Gold Mining | AirNet Technology vs. Chester Mining | AirNet Technology vs. Western Acquisition Ventures |
SP Global vs. MSCI Inc | SP Global vs. Nasdaq Inc | SP Global vs. Intercontinental Exchange | SP Global vs. CME Group |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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