Correlation Between American Express and OCCIDENTAL
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By analyzing existing cross correlation between American Express and OCCIDENTAL PETE P, you can compare the effects of market volatilities on American Express and OCCIDENTAL 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 OCCIDENTAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and OCCIDENTAL.
Diversification Opportunities for American Express and OCCIDENTAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and OCCIDENTAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding American Express and OCCIDENTAL PETE P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OCCIDENTAL PETE P 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 OCCIDENTAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OCCIDENTAL PETE P has no effect on the direction of American Express i.e., American Express and OCCIDENTAL go up and down completely randomly.
Pair Corralation between American Express and OCCIDENTAL
If you would invest 27,147 in American Express on August 28, 2024 and sell it today you would earn a total of 3,374 from holding American Express or generate 12.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
American Express vs. OCCIDENTAL PETE P
Performance |
| Timeline |
| American Express |
| OCCIDENTAL PETE P |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
American Express and OCCIDENTAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and OCCIDENTAL
The main advantage of trading using opposite American Express and OCCIDENTAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, OCCIDENTAL 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 OCCIDENTAL will offset losses from the drop in OCCIDENTAL's long position.| American Express vs. Orix Corp Ads | American Express vs. Medallion Financial Corp | American Express vs. Oportun Financial Corp | American Express vs. SLM Corp Pb |
| OCCIDENTAL vs. The Gap, | OCCIDENTAL vs. Radcom | OCCIDENTAL vs. Tradeweb Markets | OCCIDENTAL vs. Meiwu Technology Co |
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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