Correlation Between AM EAGLE and Apple
Can any of the company-specific risk be diversified away by investing in both AM EAGLE and Apple 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 AM EAGLE and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AM EAGLE OUTFITTERS and Apple Inc, you can compare the effects of market volatilities on AM EAGLE and Apple 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 AM EAGLE with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of AM EAGLE and Apple.
Diversification Opportunities for AM EAGLE and Apple
Pay attention - limited upside
The 3 months correlation between AFG and Apple is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AM EAGLE OUTFITTERS and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and AM EAGLE 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 AM EAGLE OUTFITTERS are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of AM EAGLE i.e., AM EAGLE and Apple go up and down completely randomly.
Pair Corralation between AM EAGLE and Apple
Assuming the 90 days trading horizon AM EAGLE OUTFITTERS is expected to under-perform the Apple. In addition to that, AM EAGLE is 1.91 times more volatile than Apple Inc. It trades about -0.1 of its total potential returns per unit of risk. Apple Inc is currently generating about 0.11 per unit of volatility. If you would invest 21,489 in Apple Inc on August 30, 2024 and sell it today you would earn a total of 736.00 from holding Apple Inc or generate 3.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AM EAGLE OUTFITTERS vs. Apple Inc
Performance |
| Timeline |
| AM EAGLE OUTFITTERS |
| Apple Inc |
AM EAGLE and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AM EAGLE and Apple
The main advantage of trading using opposite AM EAGLE and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AM EAGLE position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| AM EAGLE vs. Apple Inc | AM EAGLE vs. Apple Inc | AM EAGLE vs. Superior Plus Corp | AM EAGLE vs. SIVERS SEMICONDUCTORS AB |
| Apple vs. Cellnex Telecom SA | Apple vs. Spirent Communications plc | Apple vs. Ribbon Communications | Apple vs. Perseus Mining Limited |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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