Correlation Between Alaska Air and Konoike Transport
Can any of the company-specific risk be diversified away by investing in both Alaska Air and Konoike Transport 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 Alaska Air and Konoike Transport into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alaska Air Group and Konoike Transport CoLtd, you can compare the effects of market volatilities on Alaska Air and Konoike Transport 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 Alaska Air with a short position of Konoike Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alaska Air and Konoike Transport.
Diversification Opportunities for Alaska Air and Konoike Transport
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Alaska and Konoike is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Alaska Air Group and Konoike Transport CoLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Konoike Transport CoLtd and Alaska Air 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 Alaska Air Group are associated (or correlated) with Konoike Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Konoike Transport CoLtd has no effect on the direction of Alaska Air i.e., Alaska Air and Konoike Transport go up and down completely randomly.
Pair Corralation between Alaska Air and Konoike Transport
Considering the 90-day investment horizon Alaska Air Group is expected to under-perform the Konoike Transport. In addition to that, Alaska Air is 2.04 times more volatile than Konoike Transport CoLtd. It trades about -0.06 of its total potential returns per unit of risk. Konoike Transport CoLtd is currently generating about 0.17 per unit of volatility. If you would invest 1,763 in Konoike Transport CoLtd on September 13, 2025 and sell it today you would earn a total of 258.00 from holding Konoike Transport CoLtd or generate 14.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Alaska Air Group vs. Konoike Transport CoLtd
Performance |
| Timeline |
| Alaska Air Group |
| Konoike Transport CoLtd |
Alaska Air and Konoike Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alaska Air and Konoike Transport
The main advantage of trading using opposite Alaska Air and Konoike Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alaska Air position performs unexpectedly, Konoike Transport 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 Konoike Transport will offset losses from the drop in Konoike Transport's long position.| Alaska Air vs. Grupo Aeroportuario del | Alaska Air vs. Copa Holdings SA | Alaska Air vs. Brinks Company | Alaska Air vs. Kanzhun Ltd ADR |
| Konoike Transport vs. Medley Management | Konoike Transport vs. Safeplus International Holdings | Konoike Transport vs. Sysorex | Konoike Transport vs. Beneficial Holdings |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |