Correlation Between American Express and HYNMTR
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By analyzing existing cross correlation between American Express and HYNMTR 13 08 JAN 26, you can compare the effects of market volatilities on American Express and HYNMTR 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 HYNMTR. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and HYNMTR.
Diversification Opportunities for American Express and HYNMTR
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between American and HYNMTR is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding American Express and HYNMTR 13 08 JAN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HYNMTR 13 08 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 HYNMTR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HYNMTR 13 08 has no effect on the direction of American Express i.e., American Express and HYNMTR go up and down completely randomly.
Pair Corralation between American Express and HYNMTR
Considering the 90-day investment horizon American Express is expected to generate 2.06 times more return on investment than HYNMTR. However, American Express is 2.06 times more volatile than HYNMTR 13 08 JAN 26. It trades about 0.12 of its potential returns per unit of risk. HYNMTR 13 08 JAN 26 is currently generating about -0.04 per unit of risk. If you would invest 21,014 in American Express on November 5, 2024 and sell it today you would earn a total of 10,731 from holding American Express or generate 51.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 67.48% |
| Values | Daily Returns |
American Express vs. HYNMTR 13 08 JAN 26
Performance |
| Timeline |
| American Express |
| HYNMTR 13 08 |
American Express and HYNMTR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and HYNMTR
The main advantage of trading using opposite American Express and HYNMTR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, HYNMTR 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 HYNMTR will offset losses from the drop in HYNMTR's long position.| American Express vs. 360 Finance | American Express vs. Atlanticus Holdings | American Express vs. Qudian Inc | American Express vs. Enova International |
| HYNMTR vs. AEP TEX INC | HYNMTR vs. US BANK NATIONAL | HYNMTR vs. Reliance Global Group | HYNMTR vs. Bayerische Motoren Werke |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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