Pair Correlation Between Joy Global and Ampco Pittsburgh

This module allows you to analyze existing cross correlation between Joy Global Inc and Ampco Pittsburgh Corporation. You can compare the effects of market volatilities on Joy Global and Ampco Pittsburgh 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 Joy Global with a short position of Ampco Pittsburgh. See also your portfolio center. Please also check ongoing floating volatility patterns of Joy Global and Ampco Pittsburgh.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Joy Global Inc  vs   Ampco Pittsburgh Corp.
 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  2,830  in Joy Global Inc on September 19, 2017 and sell it today you would earn a total of  0.00  from holding Joy Global Inc or generate 0.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Joy Global and Ampco Pittsburgh
-0.16

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy4.35%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Ampco Pittsburgh

  
0 

Risk-Adjusted Performance

Over the last 30 days Ampco Pittsburgh Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.