Correlation Between American Express and 58933YBD6
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By analyzing existing cross correlation between American Express and MRK 19 10 DEC 28, you can compare the effects of market volatilities on American Express and 58933YBD6 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 58933YBD6. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 58933YBD6.
Diversification Opportunities for American Express and 58933YBD6
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and 58933YBD6 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding American Express and MRK 19 10 DEC 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MRK 19 10 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 58933YBD6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MRK 19 10 has no effect on the direction of American Express i.e., American Express and 58933YBD6 go up and down completely randomly.
Pair Corralation between American Express and 58933YBD6
If you would invest (100.00) in MRK 19 10 DEC 28 on November 29, 2024 and sell it today you would earn a total of 100.00 from holding MRK 19 10 DEC 28 or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
American Express vs. MRK 19 10 DEC 28
Performance |
Timeline |
American Express |
MRK 19 10 |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
American Express and 58933YBD6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with American Express and 58933YBD6
The main advantage of trading using opposite American Express and 58933YBD6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 58933YBD6 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 58933YBD6 will offset losses from the drop in 58933YBD6's long position.American Express vs. Visa Class A | American Express vs. PayPal Holdings | American Express vs. Capital One Financial | American Express vs. Upstart Holdings |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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