Correlation Between FTAI Aviation and Sirius
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By analyzing existing cross correlation between FTAI Aviation Ltd and Sirius XM Holdings, you can compare the effects of market volatilities on FTAI Aviation and Sirius 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 FTAI Aviation with a short position of Sirius. Check out your portfolio center. Please also check ongoing floating volatility patterns of FTAI Aviation and Sirius.
Diversification Opportunities for FTAI Aviation and Sirius
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between FTAI and Sirius is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding FTAI Aviation Ltd and Sirius XM Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sirius XM Holdings and FTAI Aviation 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 FTAI Aviation Ltd are associated (or correlated) with Sirius. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sirius XM Holdings has no effect on the direction of FTAI Aviation i.e., FTAI Aviation and Sirius go up and down completely randomly.
Pair Corralation between FTAI Aviation and Sirius
Assuming the 90 days horizon FTAI Aviation Ltd is expected to generate 2.91 times more return on investment than Sirius. However, FTAI Aviation is 2.91 times more volatile than Sirius XM Holdings. It trades about 0.07 of its potential returns per unit of risk. Sirius XM Holdings is currently generating about -0.16 per unit of risk. If you would invest 2,581 in FTAI Aviation Ltd on October 16, 2024 and sell it today you would earn a total of 118.00 from holding FTAI Aviation Ltd or generate 4.57% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 96.72% |
Values | Daily Returns |
FTAI Aviation Ltd vs. Sirius XM Holdings
Performance |
Timeline |
FTAI Aviation |
Sirius XM Holdings |
FTAI Aviation and Sirius Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with FTAI Aviation and Sirius
The main advantage of trading using opposite FTAI Aviation and Sirius positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FTAI Aviation position performs unexpectedly, Sirius 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 Sirius will offset losses from the drop in Sirius' long position.FTAI Aviation vs. Kuya Silver | ||
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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