Correlation Between Unifin Financiera and American Express
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By analyzing existing cross correlation between Unifin Financiera S and American Express, you can compare the effects of market volatilities on Unifin Financiera and American Express 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 Unifin Financiera with a short position of American Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unifin Financiera and American Express.
Diversification Opportunities for Unifin Financiera and American Express
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Unifin and American is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Unifin Financiera S and American Express in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Express and Unifin Financiera 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 Unifin Financiera S are associated (or correlated) with American Express. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Express has no effect on the direction of Unifin Financiera i.e., Unifin Financiera and American Express go up and down completely randomly.
Pair Corralation between Unifin Financiera and American Express
Assuming the 90 days trading horizon Unifin Financiera S is expected to generate 34.47 times more return on investment than American Express. However, Unifin Financiera is 34.47 times more volatile than American Express. It trades about 0.06 of its potential returns per unit of risk. American Express is currently generating about 0.2 per unit of risk. If you would invest 120.00 in Unifin Financiera S on September 24, 2024 and sell it today you would earn a total of 1,080 from holding Unifin Financiera S or generate 900.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 99.65% |
Values | Daily Returns |
Unifin Financiera S vs. American Express
Performance |
Timeline |
Unifin Financiera |
American Express |
Unifin Financiera and American Express Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Unifin Financiera and American Express
The main advantage of trading using opposite Unifin Financiera and American Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unifin Financiera position performs unexpectedly, American Express 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 American Express will offset losses from the drop in American Express' long position.Unifin Financiera vs. Samsung Electronics Co | Unifin Financiera vs. Taiwan Semiconductor Manufacturing | Unifin Financiera vs. JPMorgan Chase Co | Unifin Financiera vs. Bank of America |
American Express vs. Visa Inc | American Express vs. Mastercard Incorporated | American Express vs. Capital One Financial | American Express vs. The Western Union |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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