Correlation Between American Express and 172967NN7
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By analyzing existing cross correlation between American Express and C 3785 17 MAR 33, you can compare the effects of market volatilities on American Express and 172967NN7 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 172967NN7. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 172967NN7.
Diversification Opportunities for American Express and 172967NN7
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between American and 172967NN7 is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding American Express and C 3785 17 MAR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on C 3785 17 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 172967NN7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of C 3785 17 has no effect on the direction of American Express i.e., American Express and 172967NN7 go up and down completely randomly.
Pair Corralation between American Express and 172967NN7
Considering the 90-day investment horizon American Express is expected to generate 2.38 times more return on investment than 172967NN7. However, American Express is 2.38 times more volatile than C 3785 17 MAR 33. It trades about 0.3 of its potential returns per unit of risk. C 3785 17 MAR 33 is currently generating about -0.15 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. C 3785 17 MAR 33
Performance |
| Timeline |
| American Express |
| C 3785 17 |
American Express and 172967NN7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and 172967NN7
The main advantage of trading using opposite American Express and 172967NN7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 172967NN7 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 172967NN7 will offset losses from the drop in 172967NN7's long position.| American Express vs. 360 Finance | American Express vs. Atlanticus Holdings | American Express vs. Qudian Inc | American Express vs. Enova International |
| 172967NN7 vs. PACCAR Inc | 172967NN7 vs. Gentex | 172967NN7 vs. Marine Products | 172967NN7 vs. FDG Electric Vehicles |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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