Correlation Analysis Between Delta Air and Hawaiian Holdings

This module allows you to analyze existing cross correlation between Delta Air Lines and Hawaiian Holdings. You can compare the effects of market volatilities on Delta Air 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 Delta Air with a short position of Hawaiian Holdings. See also your portfolio center. Please also check ongoing floating volatility patterns of Delta Air and Hawaiian Holdings.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Delta Air Lines  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Delta Air Lines are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Even with considerably steady technical indicators, Delta Air is not utilizing all of its potentials. The prevalent stock price chaos, may contribute to medium term losses for the stakeholders.
Hawaiian Holdings  
00

Risk-Adjusted Performance

Over the last 30 days Hawaiian Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest fragile performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

Delta Air and Hawaiian Holdings Volatility Contrast

 Predicted Return Density 
      Returns 

Delta Air Lines Inc  vs.  Hawaiian Holdings Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Delta Air Lines is expected to generate 0.5 times more return on investment than Hawaiian Holdings. However, Delta Air Lines is 2.01 times less risky than Hawaiian Holdings. It trades about 0.06 of its potential returns per unit of risk. Hawaiian Holdings is currently generating about -0.04 per unit of risk. If you would invest  5,607  in Delta Air Lines on July 24, 2019 and sell it today you would earn a total of  189.00  from holding Delta Air Lines or generate 3.37% return on investment over 30 days.

Pair Corralation between Delta Air and Hawaiian Holdings

0.56
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for Delta Air and Hawaiian Holdings

Delta Air Lines Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Delta Air Lines 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 Delta Air 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 Delta Air Lines 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 Delta Air i.e. Delta Air and Hawaiian Holdings go up and down completely randomly.
See also your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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