Correlation Between American Express and BOEING
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By analyzing existing cross correlation between American Express and BOEING CO, you can compare the effects of market volatilities on American Express and BOEING 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 BOEING. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and BOEING.
Diversification Opportunities for American Express and BOEING
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between American and BOEING is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding American Express and BOEING CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOEING CO 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 BOEING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOEING CO has no effect on the direction of American Express i.e., American Express and BOEING go up and down completely randomly.
Pair Corralation between American Express and BOEING
Considering the 90-day investment horizon American Express is expected to generate 1.05 times more return on investment than BOEING. However, American Express is 1.05 times more volatile than BOEING CO. It trades about 0.3 of its potential returns per unit of risk. BOEING CO is currently generating about -0.11 per unit of risk. If you would invest 27,008 in American Express on September 1, 2024 and sell it today you would earn a total of 3,460 from holding American Express or generate 12.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
American Express vs. BOEING CO
Performance |
| Timeline |
| American Express |
| BOEING CO |
American Express and BOEING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and BOEING
The main advantage of trading using opposite American Express and BOEING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, BOEING 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 BOEING will offset losses from the drop in BOEING's long position.| American Express vs. 360 Finance | American Express vs. Atlanticus Holdings | American Express vs. Qudian Inc | American Express vs. Enova International |
| BOEING vs. Sandstorm Gold Ltd | BOEING vs. Chester Mining | BOEING vs. WiMi Hologram Cloud | BOEING vs. BCE 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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