Correlation Between Southwest Airlines and RAYMOND

By analyzing existing cross correlation between Southwest Airlines and RAYMOND LTD, you can compare the effects of market volatilities on Southwest Airlines and RAYMOND 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 Southwest Airlines with a short position of RAYMOND. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southwest Airlines and RAYMOND.

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Can any of the company-specific risk be diversified away by investing in both Southwest Airlines and RAYMOND at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Southwest Airlines and RAYMOND into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for Southwest Airlines and RAYMOND

  Correlation Coefficient
Southwest Airlines

Pay attention - limited upside

The 3 months correlation between Southwest and RAYMOND is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Southwest Airlines Company and RAYMOND LTD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on RAYMOND LTD and Southwest Airlines 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 Southwest Airlines are associated (or correlated) with RAYMOND. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RAYMOND LTD has no effect on the direction of Southwest Airlines i.e. Southwest Airlines and RAYMOND go up and down completely randomly.

Pair Corralation between Southwest Airlines and RAYMOND

If you would invest  3,282  in Southwest Airlines on June 14, 2020 and sell it today you would earn a total of  43.00  from holding Southwest Airlines or generate 1.31% return on investment over 30 days.
Time Period3 Months [change]
ValuesDaily Returns

Southwest Airlines Company  vs.  RAYMOND LTD

 Performance (%) 
Southwest Airlines 

Southwest Airlines Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Southwest Airlines are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of fairly weak technical indicators, Southwest Airlines may actually be approaching a critical reversion point that can send shares even higher in August 2020.

RAYMOND Risk-Adjusted Performance

Over the last 30 days RAYMOND LTD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, RAYMOND is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

Southwest Airlines and RAYMOND Volatility Contrast

 Predicted Return Density 
Check out your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.

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