Correlation Between Apollo Medical and American Express
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By analyzing existing cross correlation between Apollo Medical Holdings and American Express, you can compare the effects of market volatilities on Apollo Medical 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 Apollo Medical with a short position of American Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Medical and American Express.
Diversification Opportunities for Apollo Medical and American Express
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Apollo and American is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Medical Holdings and American Express in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Express and Apollo Medical 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 Apollo Medical Holdings 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 Apollo Medical i.e., Apollo Medical and American Express go up and down completely randomly.
Pair Corralation between Apollo Medical and American Express
Assuming the 90 days horizon Apollo Medical is expected to generate 1.58 times less return on investment than American Express. In addition to that, Apollo Medical is 1.36 times more volatile than American Express. It trades about 0.04 of its total potential returns per unit of risk. American Express is currently generating about 0.1 per unit of volatility. If you would invest 14,439 in American Express on September 3, 2024 and sell it today you would earn a total of 14,576 from holding American Express or generate 100.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Apollo Medical Holdings vs. American Express
Performance |
| Timeline |
| Apollo Medical Holdings |
| American Express |
Apollo Medical and American Express Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Medical and American Express
The main advantage of trading using opposite Apollo Medical and American Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Medical 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.| Apollo Medical vs. MAGNUM MINING EXP | Apollo Medical vs. AVITA Medical | Apollo Medical vs. American Eagle Outfitters | Apollo Medical vs. Zijin Mining Group |
| American Express vs. CVR Medical Corp | American Express vs. UNIVMUSIC GRPADR050 | American Express vs. MeVis Medical Solutions | American Express vs. Apollo Medical 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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