Correlation Between Harel Index and American Airlines
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By analyzing existing cross correlation between Harel Index Funds and American Airlines Group, you can compare the effects of market volatilities on Harel Index 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 Index with a short position of American Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harel Index and American Airlines.
Diversification Opportunities for Harel Index and American Airlines
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harel and American is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Harel Index Funds 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 Index 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 Index Funds 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 Index i.e., Harel Index and American Airlines go up and down completely randomly.
Pair Corralation between Harel Index and American Airlines
Assuming the 90 days trading horizon Harel Index Funds is expected to generate 0.22 times more return on investment than American Airlines. However, Harel Index Funds is 4.47 times less risky than American Airlines. It trades about 0.09 of its potential returns per unit of risk. American Airlines Group is currently generating about -0.1 per unit of risk. If you would invest 322,900 in Harel Index Funds on January 25, 2024 and sell it today you would earn a total of 2,800 from holding Harel Index Funds or generate 0.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
Harel Index Funds vs. American Airlines Group
Performance |
| Timeline |
| Harel Index Funds |
| American Airlines |
Harel Index and American Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harel Index and American Airlines
The main advantage of trading using opposite Harel Index and American Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harel Index 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 Index vs. Harel Index Funds | Harel Index vs. Harel Index Funds | Harel Index vs. Harel Index Funds | Harel Index 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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