Correlation Analysis Between American Airlines and Apple

This module allows you to analyze existing cross correlation between American Airlines Group and Apple. You can compare the effects of market volatilities on American Airlines and Apple 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 Airlines with a short position of Apple. See also your portfolio center. Please also check ongoing floating volatility patterns of American Airlines and Apple.
Horizon     30 Days    Login   to change
Symbolsvs

American Airlines Group Inc  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, American Airlines Group is expected to generate 1.27 times more return on investment than Apple. However, American Airlines is 1.27 times more volatile than Apple. It trades about 0.08 of its potential returns per unit of risk. Apple is currently generating about 0.06 per unit of risk. If you would invest  3,952  in American Airlines Group on August 27, 2018 and sell it today you would earn a total of  129.00  from holding American Airlines Group or generate 3.26% return on investment over 30 days.

Pair Corralation between American Airlines and Apple

-0.16
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding American Airlines Group Inc and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and American Airlines 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 Airlines Group are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple has no effect on the direction of American Airlines i.e. American Airlines and Apple go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
American Airlines Group  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in American Airlines Group are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.
Apple  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1166.09

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See also your portfolio center. Please also try Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.


 
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