Correlation Between Pfizer and American
Specify exactly 2 symbols:
By analyzing existing cross correlation between Pfizer Inc and American Axle Manufacturing, you can compare the effects of market volatilities on Pfizer 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 Pfizer with a short position of American. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pfizer and American.
Diversification Opportunities for Pfizer and American
Modest diversification
The 3 months correlation between Pfizer and American is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Pfizer Inc and American Axle Manufacturing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Axle Manufa and Pfizer 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 Pfizer Inc 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 Axle Manufa has no effect on the direction of Pfizer i.e., Pfizer and American go up and down completely randomly.
Pair Corralation between Pfizer and American
Considering the 90-day investment horizon Pfizer Inc is expected to under-perform the American. In addition to that, Pfizer is 1.8 times more volatile than American Axle Manufacturing. It trades about -0.01 of its total potential returns per unit of risk. American Axle Manufacturing is currently generating about -0.01 per unit of volatility. If you would invest 9,417 in American Axle Manufacturing on September 4, 2024 and sell it today you would lose (280.00) from holding American Axle Manufacturing or give up 2.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.98% |
| Values | Daily Returns |
Pfizer Inc vs. American Axle Manufacturing
Performance |
| Timeline |
| Pfizer Inc |
| American Axle Manufa |
Pfizer and American Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pfizer and American
The main advantage of trading using opposite Pfizer and American positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pfizer 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.| Pfizer vs. Crinetics Pharmaceuticals | Pfizer vs. Enanta Pharmaceuticals | Pfizer vs. Amicus Therapeutics | Pfizer vs. Connect Biopharma Holdings |
| American vs. Academy Sports Outdoors | American vs. Barrick Gold Corp | American vs. Lipocine | American vs. United Parks Resorts |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |