Correlation Between PF Atlantic and American Airlines
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By analyzing existing cross correlation between PF Atlantic Petroleum and American Airlines Group, you can compare the effects of market volatilities on PF Atlantic and American 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 PF Atlantic with a short position of American Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of PF Atlantic and American Airlines.
Diversification Opportunities for PF Atlantic and American Airlines
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ATLA-DKK and American is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding PF Atlantic Petroleum and American Airlines Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Airlines and PF Atlantic 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 PF Atlantic Petroleum are associated (or correlated) with American Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Airlines has no effect on the direction of PF Atlantic i.e., PF Atlantic and American Airlines go up and down completely randomly.
Pair Corralation between PF Atlantic and American Airlines
Assuming the 90 days trading horizon PF Atlantic Petroleum is expected to under-perform the American Airlines. In addition to that, PF Atlantic is 1.61 times more volatile than American Airlines Group. It trades about -0.05 of its total potential returns per unit of risk. American Airlines Group is currently generating about 0.01 per unit of volatility. If you would invest 1,358 in American Airlines Group on January 26, 2024 and sell it today you would earn a total of 34.00 from holding American Airlines Group or generate 2.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.73% |
| Values | Daily Returns |
PF Atlantic Petroleum vs. American Airlines Group
Performance |
| Timeline |
| PF Atlantic Petroleum |
| American Airlines |
PF Atlantic and American Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PF Atlantic and American Airlines
The main advantage of trading using opposite PF Atlantic and American Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PF Atlantic position performs unexpectedly, American 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 American Airlines will offset losses from the drop in American Airlines' long position.| PF Atlantic vs. BioPorto | PF Atlantic vs. cBrain AS | PF Atlantic vs. Orphazyme AS | PF Atlantic vs. TORM plc |
| American Airlines vs. Delta Air Lines | American Airlines vs. Southwest Airlines | American Airlines vs. JetBlue Airways Corp | American Airlines vs. Spirit Airlines |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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