Correlation Analysis Between Hawaiian Holdings and American Airlines

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

Hawaiian Holdings  
99

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hawaiian Holdings are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Hawaiian Holdings sustained solid returns over the last few months and may actually be approaching a breakup point.
American Airlines  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in American Airlines Group are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, American Airlines revealed solid returns over the last few months and may actually be approaching a breakup point.

Hawaiian Holdings and American Airlines Volatility Contrast

 Predicted Return Density 
      Returns 

Hawaiian Holdings Inc  vs.  American Airlines Group Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Hawaiian Holdings is expected to generate 1.2 times more return on investment than American Airlines. However, Hawaiian Holdings is 1.2 times more volatile than American Airlines Group. It trades about 0.14 of its potential returns per unit of risk. American Airlines Group is currently generating about 0.13 per unit of risk. If you would invest  2,448  in Hawaiian Holdings on October 13, 2019 and sell it today you would earn a total of  576.00  from holding Hawaiian Holdings or generate 23.53% return on investment over 30 days.

Pair Corralation between Hawaiian Holdings and American Airlines

0.77
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Hawaiian Holdings and American Airlines

Hawaiian Holdings Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Holdings Inc and American Airlines Group Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on American Airlines and Hawaiian Holdings 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 Hawaiian Holdings 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 Hawaiian Holdings i.e. Hawaiian Holdings and American Airlines go up and down completely randomly.
See also your portfolio center. Please also try Balance Of Power module to check stock momentum by analyzing balance of power indicator and other technical ratios.


 
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