Correlation Between American Express and 46647PDF0
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By analyzing existing cross correlation between American Express and JPM 4565 14 JUN 30, you can compare the effects of market volatilities on American Express and 46647PDF0 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 46647PDF0. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 46647PDF0.
Diversification Opportunities for American Express and 46647PDF0
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and 46647PDF0 is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding American Express and JPM 4565 14 JUN 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPM 4565 14 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 46647PDF0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPM 4565 14 has no effect on the direction of American Express i.e., American Express and 46647PDF0 go up and down completely randomly.
Pair Corralation between American Express and 46647PDF0
Considering the 90-day investment horizon American Express is expected to generate 3.01 times more return on investment than 46647PDF0. However, American Express is 3.01 times more volatile than JPM 4565 14 JUN 30. It trades about 0.25 of its potential returns per unit of risk. JPM 4565 14 JUN 30 is currently generating about -0.14 per unit of risk. If you would invest 27,408 in American Express on August 31, 2024 and sell it today you would earn a total of 3,060 from holding American Express or generate 11.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
American Express vs. JPM 4565 14 JUN 30
Performance |
| Timeline |
| American Express |
| JPM 4565 14 |
American Express and 46647PDF0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and 46647PDF0
The main advantage of trading using opposite American Express and 46647PDF0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 46647PDF0 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 46647PDF0 will offset losses from the drop in 46647PDF0's long position.| American Express vs. 360 Finance | American Express vs. Atlanticus Holdings | American Express vs. Qudian Inc | American Express vs. Enova International |
| 46647PDF0 vs. Paysafe | 46647PDF0 vs. NextNav Warrant | 46647PDF0 vs. Q2 Holdings | 46647PDF0 vs. Nextplat Corp |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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