Aegean Airlines Correlations

32A Stock

EUR 10.79 0.12 1.10%

The current 90-days correlation between Aegean Airlines SA and SPARTAN STORES is -0.08 (i.e., Good diversification). The correlation of Aegean Airlines is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Aegean Airlines Correlation With Market

Significant diversification

The correlation between Aegean Airlines SA and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Aegean Airlines could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Aegean Airlines when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Aegean Airlines - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Aegean Airlines SA to buy it.

Moving together with Aegean Stock

0.71	RY4C	Ryanair Holdings plc	Pair Corr
0.68	RY4C	Ryanair Holdings plc	Pair Corr
0.78	PJFB	PICO FAR EAST	Pair Corr
0.64	5IW	Inwido AB	Pair Corr
0.78	ICK	Industrial and Commercial	Pair Corr
0.63	IBM	International Business	Pair Corr
0.71	1SO	SAMS INTERNAT R	Pair Corr
0.85	CON	Continental Aktiengesellscha Earnings Call This Week	Pair Corr
0.76	9A2	Ares Capital	Pair Corr
0.72	3RB	RECKITT BENCK GRP Earnings Call Next Week	Pair Corr
0.61	7TG	TRISTAR GOLD	Pair Corr
0.73	HEN1	HENKEL AGCOKGAA VZ	Pair Corr
0.7	690D	Haier Smart Home	Pair Corr

Moving against Aegean Stock

0.58	3HB	HYBRIGENICS A	Pair Corr
0.55	RNF	Meteoric Resources	Pair Corr
0.47	AD2B	AIR CHINA LTD	Pair Corr
0.46	W5E	Peel Mining Limited	Pair Corr
0.36	AD2	Air China Limited	Pair Corr
0.35	SWN	Southwest Airlines	Pair Corr
0.34	HRJ1	Sienna Resources	Pair Corr

Related Correlations Analysis

	FR70	SRJ	PIK	CZ2	CTO0	CLH	VEFW	RSO
FR70		0.2	0.31	0.19	0.04	-0.56	-0.03	0.55	FR70
SRJ	0.2		0.0	0.2	0.75	0.0	0.35	-0.41	SRJ
PIK	0.31	0.0		-0.02	-0.15	-0.27	-0.23	0.44	PIK
CZ2	0.19	0.2	-0.02		0.2	-0.44	-0.39	-0.1	CZ2
CTO0	0.04	0.75	-0.15	0.2		0.25	0.55	-0.57	CTO0
CLH	-0.56	0.0	-0.27	-0.44	0.25		0.67	-0.34	CLH
VEFW	-0.03	0.35	-0.23	-0.39	0.55	0.67		-0.18	VEFW
RSO	0.55	-0.41	0.44	-0.1	-0.57	-0.34	-0.18		RSO
	FR70	SRJ	PIK	CZ2	CTO0	CLH	VEFW	RSO

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CTO0	+ 0.75	SRJ
VEFW	+ 0.67	CLH
RSO	+ 0.55	FR70
VEFW	+ 0.55	CTO0
RSO	+ 0.44	PIK
VEFW	+ 0.35	SRJ

High negative correlations

RSO	- 0.57	CTO0
CLH	- 0.56	FR70
CLH	- 0.44	CZ2
RSO	- 0.41	SRJ
VEFW	- 0.39	CZ2
RSO	- 0.34	CLH

Risk-Adjusted Indicators

There is a big difference between Aegean Stock performing well and Aegean Airlines Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Aegean Airlines' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FR70	1.32	(0.03)	0.00	(2.10)	0.00	0.00	2.45	(2.63)	9.82
SRJ	1.38	0.17	0.07	0.52	1.66	(1.70)	2.96	(2.87)	15.19
PIK	1.38	0.10	0.05	(0.53)	1.63	(1.80)	3.33	(3.01)	12.62
CZ2	0.99	0.03	0.02	(1.16)	1.24	(1.01)	2.23	(2.29)	7.28
CTO0	1.36	0.18	0.11	0.86	1.27	(1.86)	2.82	(2.47)	8.60
CLH	1.01	0.11	0.09	1.33	1.11	(1.16)	2.59	(2.24)	6.71
VEFW	0.58	0.07	0.09	0.37	0.60	(0.64)	1.36	(1.21)	3.27
RSO	1.11	(0.03)	0.00	(0.07)	0.00	0.00	3.00	(1.86)	11.58

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Our tools can tell you how much better you can do entering a position in Aegean Airlines without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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