Correlation Between American Express and TOTAL
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By analyzing existing cross correlation between American Express and TOTAL CAP 3883, you can compare the effects of market volatilities on American Express and TOTAL 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 TOTAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and TOTAL.
Diversification Opportunities for American Express and TOTAL
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and TOTAL is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding American Express and TOTAL CAP 3883 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOTAL CAP 3883 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 TOTAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOTAL CAP 3883 has no effect on the direction of American Express i.e., American Express and TOTAL go up and down completely randomly.
Pair Corralation between American Express and TOTAL
Considering the 90-day investment horizon American Express is expected to generate 8.97 times more return on investment than TOTAL. However, American Express is 8.97 times more volatile than TOTAL CAP 3883. It trades about 0.28 of its potential returns per unit of risk. TOTAL CAP 3883 is currently generating about 0.0 per unit of risk. If you would invest 27,043 in American Express on August 30, 2024 and sell it today you would earn a total of 3,382 from holding American Express or generate 12.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
American Express vs. TOTAL CAP 3883
Performance |
| Timeline |
| American Express |
| TOTAL CAP 3883 |
American Express and TOTAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and TOTAL
The main advantage of trading using opposite American Express and TOTAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, TOTAL 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 TOTAL will offset losses from the drop in TOTAL's long position.| American Express vs. 360 Finance | American Express vs. Atlanticus Holdings | American Express vs. X Financial Class | American Express vs. Yirendai |
| TOTAL vs. Kandi Technologies Group | TOTAL vs. Payoneer Global | TOTAL vs. Asure Software | TOTAL vs. Reservoir Media |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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