Correlation Analysis Between Hawaiian Holdings and Gol Linhas

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

Hawaiian Holdings  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hawaiian Holdings are ranked lower than 2 (%) 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 November 2019.
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 latest weak performance, the Stock's technical indicators remain steady and the new chaos on Wall Street may also be a sign of medium term gains for the business stakeholders.

Hawaiian Holdings and Gol Linhas Volatility Contrast

 Predicted Return Density 
      Returns 

Hawaiian Holdings Inc  vs.  Gol Linhas Aereas Inteligentes

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Hawaiian Holdings is expected to generate 0.83 times more return on investment than Gol Linhas. However, Hawaiian Holdings is 1.21 times less risky than Gol Linhas. It trades about 0.04 of its potential returns per unit of risk. Gol Linhas Aereas Inteligentes is currently generating about -0.06 per unit of risk. If you would invest  2,728  in Hawaiian Holdings on September 15, 2019 and sell it today you would earn a total of  107.00  from holding Hawaiian Holdings or generate 3.92% return on investment over 30 days.

Pair Corralation between Hawaiian Holdings and Gol Linhas

0.22
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Hawaiian Holdings and Gol Linhas

Hawaiian Holdings Inc diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Holdings Inc and Gol Linhas Aereas Inteligentes in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Gol Linhas Aereas 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 Gol Linhas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gol Linhas Aereas has no effect on the direction of Hawaiian Holdings i.e. Hawaiian Holdings and Gol Linhas go up and down completely randomly.
See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.


 
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