Correlation Analysis Between Gol Linhas and Hawaiian Holdings

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

Gol Linhas Aereas  
00

Risk-Adjusted Performance

Over the last 30 days Gol Linhas Aereas Inteligentes has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Gol Linhas is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.
Hawaiian Holdings  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hawaiian Holdings are ranked lower than 4 (%) 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.

Gol Linhas and Hawaiian Holdings Volatility Contrast

 Predicted Return Density 
      Returns 

Gol Linhas Aereas Inteligentes  vs.  Hawaiian Holdings Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Gol Linhas Aereas Inteligentes is expected to under-perform the Hawaiian Holdings. In addition to that, Gol Linhas is 1.4 times more volatile than Hawaiian Holdings. It trades about -0.01 of its total potential returns per unit of risk. Hawaiian Holdings is currently generating about 0.06 per unit of volatility. If you would invest  2,571  in Hawaiian Holdings on August 18, 2019 and sell it today you would earn a total of  235.00  from holding Hawaiian Holdings or generate 9.14% return on investment over 30 days.

Pair Corralation between Gol Linhas and Hawaiian Holdings

0.91
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for Gol Linhas and Hawaiian Holdings

Gol Linhas Aereas Inteligentes diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Gol Linhas Aereas Inteligentes and Hawaiian Holdings Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hawaiian Holdings and Gol Linhas 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 Gol Linhas Aereas Inteligentes 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 Gol Linhas i.e. Gol Linhas and Hawaiian Holdings go up and down completely randomly.
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