Correlation Between AMERICAN and NH Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between AMERICAN WTR CAP and NH Foods Ltd, you can compare the effects of market volatilities on AMERICAN and NH Foods 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 with a short position of NH Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMERICAN and NH Foods.
Diversification Opportunities for AMERICAN and NH Foods
Pay attention - limited upside
The 3 months correlation between AMERICAN and NIPMY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AMERICAN WTR CAP and NH Foods Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NH Foods and AMERICAN 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 WTR CAP are associated (or correlated) with NH Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NH Foods has no effect on the direction of AMERICAN i.e., AMERICAN and NH Foods go up and down completely randomly.
Pair Corralation between AMERICAN and NH Foods
If you would invest 8,659 in AMERICAN WTR CAP on September 2, 2024 and sell it today you would earn a total of 372.00 from holding AMERICAN WTR CAP or generate 4.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 56.25% |
| Values | Daily Returns |
AMERICAN WTR CAP vs. NH Foods Ltd
Performance |
| Timeline |
| AMERICAN WTR CAP |
| NH Foods |
AMERICAN and NH Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMERICAN and NH Foods
The main advantage of trading using opposite AMERICAN and NH Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMERICAN position performs unexpectedly, NH Foods 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 NH Foods will offset losses from the drop in NH Foods' long position.| AMERICAN vs. Oatly Group AB | AMERICAN vs. Constellation Brands Class | AMERICAN vs. Cardinal Health | AMERICAN vs. Willamette Valley Vineyards |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |