Correlation Between Aegean Airlines and Optima Bank

Can any of the company-specific risk be diversified away by investing in both Aegean Airlines and Optima Bank 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 Aegean Airlines and Optima Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.

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

Diversification Opportunities for Aegean Airlines and Optima Bank

0.46

Correlation Coefficient

Aegean Airlines  Optima Bank

Very weak diversification

The 3 months correlation between Aegean and Optima is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Aegean Airlines SA and Optima bank SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Optima bank SA and Aegean 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 Aegean Airlines SA are associated (or correlated) with Optima Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Optima bank SA has no effect on the direction of Aegean Airlines i.e., Aegean Airlines and Optima Bank go up and down completely randomly.

Pair Corralation between Aegean Airlines and Optima Bank

Assuming the 90 days trading horizon Aegean Airlines is expected to generate 4.96 times less return on investment than Optima Bank. But when comparing it to its historical volatility, Aegean Airlines SA is 1.26 times less risky than Optima Bank. It trades about 0.07 of its potential returns per unit of risk. Optima bank SA is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest  476.00  in Optima bank SA on April 25, 2025 and sell it today you would earn a total of  244.00  from holding Optima bank SA or generate 51.26% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	98.41%
Values	Daily Returns

Aegean Airlines SA  vs.  Optima bank SA

Aegean Airlines SA

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Aegean Airlines SA are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively weak basic indicators, Aegean Airlines may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Optima bank SA

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Optima bank SA are ranked lower than 23 (%) of all global equities and portfolios over the last 90 days. Despite somewhat uncertain basic indicators, Optima Bank sustained solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Aegean Airlines and Optima Bank

The main advantage of trading using opposite Aegean Airlines and Optima Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegean Airlines position performs unexpectedly, Optima Bank 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 Optima Bank will offset losses from the drop in Optima Bank's long position.

The idea behind Aegean Airlines SA and Optima bank SA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Commodity Directory module to find actively traded commodities issued by global exchanges.