Correlation Analysis Between Hawaiian Holdings and Southwest Airlines

This module allows you to analyze existing cross correlation between Hawaiian Holdings and Southwest Airlines Company. You can compare the effects of market volatilities on Hawaiian Holdings and Southwest 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 Southwest Airlines. See also your portfolio center. Please also check ongoing floating volatility patterns of Hawaiian Holdings and Southwest Airlines.
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.
Southwest Airlines  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Southwest Airlines Company are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Inspite fairly stable primary indicators, Southwest Airlines is not utilizing all of its potentials. The current stock price fuss, may contribute to near short-term losses for the directors.

Hawaiian Holdings and Southwest Airlines Volatility Contrast

 Predicted Return Density 
      Returns 

Hawaiian Holdings Inc  vs.  Southwest Airlines Company

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Hawaiian Holdings is expected to generate 2.13 times more return on investment than Southwest Airlines. However, Hawaiian Holdings is 2.13 times more volatile than Southwest Airlines Company. It trades about 0.04 of its potential returns per unit of risk. Southwest Airlines Company is currently generating about 0.05 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 Southwest Airlines

0.69
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Hawaiian Holdings and Southwest 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 Southwest Airlines Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Southwest 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 Southwest Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southwest Airlines has no effect on the direction of Hawaiian Holdings i.e. Hawaiian Holdings and Southwest Airlines go up and down completely randomly.
See also your portfolio center. Please also try Money Managers module to screen money managers from public funds and etfs managed around the world.


 
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