Correlation Between Harel Sal and American Airlines
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By analyzing existing cross correlation between Harel Sal Tel and American Airlines Group, you can compare the effects of market volatilities on Harel Sal 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 Harel Sal with a short position of American Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harel Sal and American Airlines.
Diversification Opportunities for Harel Sal and American Airlines
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harel and American is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Harel Sal Tel and American Airlines Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Airlines and Harel Sal 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 Harel Sal Tel 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 Harel Sal i.e., Harel Sal and American Airlines go up and down completely randomly.
Pair Corralation between Harel Sal and American Airlines
Assuming the 90 days trading horizon Harel Sal Tel is expected to generate 0.12 times more return on investment than American Airlines. However, Harel Sal Tel is 8.27 times less risky than American Airlines. It trades about 0.03 of its potential returns per unit of risk. American Airlines Group is currently generating about 0.0 per unit of risk. If you would invest 35,788 in Harel Sal Tel on January 26, 2024 and sell it today you would earn a total of 1,307 from holding Harel Sal Tel or generate 3.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 78.95% |
| Values | Daily Returns |
Harel Sal Tel vs. American Airlines Group
Performance |
| Timeline |
| Harel Sal Tel |
| American Airlines |
Harel Sal and American Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harel Sal and American Airlines
The main advantage of trading using opposite Harel Sal and American Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harel Sal position performs unexpectedly, American Airlines can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in American Airlines will offset losses from the drop in American Airlines' long position.| Harel Sal vs. Harel Index Funds | Harel Sal vs. Harel Sal Tel Bond | Harel Sal vs. Harel Index Funds | Harel Sal vs. Harel Index Funds |
| American Airlines vs. Delta Air Lines | American Airlines vs. Southwest Airlines | American Airlines vs. JetBlue Airways Corp | American Airlines vs. Spirit Airlines |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the AI Investment Finder module to use AI to screen and filter profitable investment opportunities.
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