Correlation Between American Express and 69353RFG8
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By analyzing existing cross correlation between American Express and PNC BK N, you can compare the effects of market volatilities on American Express and 69353RFG8 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 69353RFG8. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 69353RFG8.
Diversification Opportunities for American Express and 69353RFG8
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between American and 69353RFG8 is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding American Express and PNC BK N in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 69353RFG8 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 69353RFG8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 69353RFG8 has no effect on the direction of American Express i.e., American Express and 69353RFG8 go up and down completely randomly.
Pair Corralation between American Express and 69353RFG8
Considering the 90-day investment horizon American Express is expected to under-perform the 69353RFG8. But the stock apears to be less risky and, when comparing its historical volatility, American Express is 1.1 times less risky than 69353RFG8. The stock trades about -0.33 of its potential returns per unit of risk. The PNC BK N is currently generating about -0.18 of returns per unit of risk over similar time horizon. If you would invest 9,606 in PNC BK N on November 28, 2024 and sell it today you would lose (295.00) from holding PNC BK N or give up 3.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
American Express vs. PNC BK N
Performance |
| Timeline |
| American Express |
| 69353RFG8 |
American Express and 69353RFG8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and 69353RFG8
The main advantage of trading using opposite American Express and 69353RFG8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 69353RFG8 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 69353RFG8 will offset losses from the drop in 69353RFG8's long position.| American Express vs. LM Funding America | American Express vs. Eason Technology Limited | American Express vs. Nisun International Enterprise | American Express vs. Qudian Inc |
| 69353RFG8 vs. Cupani Metals Corp | 69353RFG8 vs. BTU Metals Corp | 69353RFG8 vs. The Cheesecake Factory | 69353RFG8 vs. Summit Hotel Properties |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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