Correlation Between Imax Corp and Atlas Air
Can any of the company-specific risk be diversified away by investing in both Imax Corp and Atlas Air 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 Imax Corp and Atlas Air into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imax Corp and Atlas Air Worldwide, you can compare the effects of market volatilities on Imax Corp and Atlas Air 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 Imax Corp with a short position of Atlas Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imax Corp and Atlas Air.
Diversification Opportunities for Imax Corp and Atlas Air
Pay attention - limited upside
The 3 months correlation between Imax and Atlas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Imax Corp and Atlas Air Worldwide in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atlas Air Worldwide and Imax Corp 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 Imax Corp are associated (or correlated) with Atlas Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atlas Air Worldwide has no effect on the direction of Imax Corp i.e., Imax Corp and Atlas Air go up and down completely randomly.
Pair Corralation between Imax Corp and Atlas Air
If you would invest 2,465 in Imax Corp on December 18, 2024 and sell it today you would earn a total of 20.00 from holding Imax Corp or generate 0.81% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Imax Corp vs. Atlas Air Worldwide
Performance |
Timeline |
Imax Corp |
Atlas Air Worldwide |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Imax Corp and Atlas Air Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Imax Corp and Atlas Air
The main advantage of trading using opposite Imax Corp and Atlas Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imax Corp position performs unexpectedly, Atlas Air 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 Atlas Air will offset losses from the drop in Atlas Air's long position.Imax Corp vs. Marcus | Imax Corp vs. Dave Busters Entertainment | Imax Corp vs. AMC Networks | Imax Corp vs. News Corp A |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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