Correlation Between Hurco Companies and AMERICAN
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By analyzing existing cross correlation between Hurco Companies and AMERICAN EXPRESS CR, you can compare the effects of market volatilities on Hurco Companies and AMERICAN 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 Hurco Companies with a short position of AMERICAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hurco Companies and AMERICAN.
Diversification Opportunities for Hurco Companies and AMERICAN
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hurco and AMERICAN is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Hurco Companies and AMERICAN EXPRESS CR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMERICAN EXPRESS and Hurco Companies 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 Hurco Companies are associated (or correlated) with AMERICAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMERICAN EXPRESS has no effect on the direction of Hurco Companies i.e., Hurco Companies and AMERICAN go up and down completely randomly.
Pair Corralation between Hurco Companies and AMERICAN
Given the investment horizon of 90 days Hurco Companies is expected to under-perform the AMERICAN. In addition to that, Hurco Companies is 11.69 times more volatile than AMERICAN EXPRESS CR. It trades about -0.17 of its total potential returns per unit of risk. AMERICAN EXPRESS CR is currently generating about -0.05 per unit of volatility. If you would invest 9,717 in AMERICAN EXPRESS CR on September 13, 2024 and sell it today you would lose (25.00) from holding AMERICAN EXPRESS CR or give up 0.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Hurco Companies vs. AMERICAN EXPRESS CR
Performance |
| Timeline |
| Hurco Companies |
| AMERICAN EXPRESS |
Hurco Companies and AMERICAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hurco Companies and AMERICAN
The main advantage of trading using opposite Hurco Companies and AMERICAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hurco Companies position performs unexpectedly, AMERICAN 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 AMERICAN will offset losses from the drop in AMERICAN's long position.| Hurco Companies vs. Enerpac Tool Group | Hurco Companies vs. Enpro Industries | Hurco Companies vs. Omega Flex | Hurco Companies vs. Gorman Rupp |
| AMERICAN vs. Hurco Companies | AMERICAN vs. RBC Bearings Incorporated | AMERICAN vs. Xponential Fitness | AMERICAN vs. RCS MediaGroup SpA |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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