Correlation Between American Express and 857477BY8
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By analyzing existing cross correlation between American Express and STT 582 04 NOV 28, you can compare the effects of market volatilities on American Express and 857477BY8 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 American Express with a short position of 857477BY8. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 857477BY8.
Diversification Opportunities for American Express and 857477BY8
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and 857477BY8 is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding American Express and STT 582 04 NOV 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STT 582 04 and American Express 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 American Express are associated (or correlated) with 857477BY8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STT 582 04 has no effect on the direction of American Express i.e., American Express and 857477BY8 go up and down completely randomly.
Pair Corralation between American Express and 857477BY8
Considering the 90-day investment horizon American Express is expected to generate 5.19 times more return on investment than 857477BY8. However, American Express is 5.19 times more volatile than STT 582 04 NOV 28. It trades about 0.12 of its potential returns per unit of risk. STT 582 04 NOV 28 is currently generating about 0.0 per unit of risk. If you would invest 16,615 in American Express on September 12, 2024 and sell it today you would earn a total of 13,596 from holding American Express or generate 81.83% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
American Express vs. STT 582 04 NOV 28
Performance |
Timeline |
American Express |
STT 582 04 |
American Express and 857477BY8 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with American Express and 857477BY8
The main advantage of trading using opposite American Express and 857477BY8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 857477BY8 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 857477BY8 will offset losses from the drop in 857477BY8's long position.American Express vs. Victory Integrity Smallmid Cap | American Express vs. Hilton Worldwide Holdings | American Express vs. NVIDIA | American Express vs. JPMorgan Chase Co |
857477BY8 vs. Highway Holdings Limited | 857477BY8 vs. Universal Music Group | 857477BY8 vs. Cementos Pacasmayo SAA | 857477BY8 vs. Amgen Inc |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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