Correlation Between American Express and 15089QAP9
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By analyzing existing cross correlation between American Express and CE 6379 15 JUL 32, you can compare the effects of market volatilities on American Express and 15089QAP9 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 15089QAP9. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 15089QAP9.
Diversification Opportunities for American Express and 15089QAP9
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and 15089QAP9 is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding American Express and CE 6379 15 JUL 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CE 6379 15 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 15089QAP9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CE 6379 15 has no effect on the direction of American Express i.e., American Express and 15089QAP9 go up and down completely randomly.
Pair Corralation between American Express and 15089QAP9
Considering the 90-day investment horizon American Express is expected to generate 2.1 times more return on investment than 15089QAP9. However, American Express is 2.1 times more volatile than CE 6379 15 JUL 32. It trades about 0.29 of its potential returns per unit of risk. CE 6379 15 JUL 32 is currently generating about -0.2 per unit of risk. If you would invest 27,147 in American Express on August 28, 2024 and sell it today you would earn a total of 3,374 from holding American Express or generate 12.43% 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. CE 6379 15 JUL 32
Performance |
| Timeline |
| American Express |
| CE 6379 15 |
American Express and 15089QAP9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and 15089QAP9
The main advantage of trading using opposite American Express and 15089QAP9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 15089QAP9 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 15089QAP9 will offset losses from the drop in 15089QAP9's long position.| American Express vs. SLM Corp | American Express vs. Orix Corp Ads | American Express vs. FirstCash | American Express vs. Medallion Financial Corp |
| 15089QAP9 vs. The Joint Corp | 15089QAP9 vs. Cumberland Pharmaceuticals | 15089QAP9 vs. Microbot Medical | 15089QAP9 vs. FactSet Research Systems |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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