Correlation Between American Express and 15477CAA3
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By analyzing existing cross correlation between American Express and CDK 725 15 JUN 29, you can compare the effects of market volatilities on American Express and 15477CAA3 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 15477CAA3. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 15477CAA3.
Diversification Opportunities for American Express and 15477CAA3
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between American and 15477CAA3 is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding American Express and CDK 725 15 JUN 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CDK 725 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 15477CAA3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CDK 725 15 has no effect on the direction of American Express i.e., American Express and 15477CAA3 go up and down completely randomly.
Pair Corralation between American Express and 15477CAA3
Considering the 90-day investment horizon American Express is expected to generate 3.86 times more return on investment than 15477CAA3. However, American Express is 3.86 times more volatile than CDK 725 15 JUN 29. It trades about 0.17 of its potential returns per unit of risk. CDK 725 15 JUN 29 is currently generating about -0.02 per unit of risk. If you would invest 16,662 in American Express on September 2, 2024 and sell it today you would earn a total of 13,806 from holding American Express or generate 82.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.16% |
| Values | Daily Returns |
American Express vs. CDK 725 15 JUN 29
Performance |
| Timeline |
| American Express |
| CDK 725 15 |
American Express and 15477CAA3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and 15477CAA3
The main advantage of trading using opposite American Express and 15477CAA3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 15477CAA3 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 15477CAA3 will offset losses from the drop in 15477CAA3's long position.| American Express vs. 360 Finance | American Express vs. Atlanticus Holdings | American Express vs. Qudian Inc | American Express vs. Enova International |
| 15477CAA3 vs. Mink Therapeutics | 15477CAA3 vs. Regeneron Pharmaceuticals | 15477CAA3 vs. Chimerix | 15477CAA3 vs. Harmony Gold Mining |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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