Correlation Analysis Between Macys and American Airlines

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

Macys Inc  vs.  American Airlines Group Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Macys is expected to under-perform the American Airlines. In addition to that, Macys is 2.29 times more volatile than American Airlines Group. It trades about -0.06 of its total potential returns per unit of risk. American Airlines Group is currently generating about 0.0 per unit of volatility. If you would invest  3,788  in American Airlines Group on July 20, 2018 and sell it today you would lose (9.00)  from holding American Airlines Group or give up 0.24% of portfolio value over 30 days.

Pair Corralation between Macys and American Airlines

0.07
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Macys  
0 

Risk-Adjusted Performance

Over the last 30 days Macys has generated negative risk-adjusted returns adding no value to investors with long positions.
American Airlines Group  
0 

Risk-Adjusted Performance

Over the last 30 days American Airlines Group has generated negative risk-adjusted returns adding no value to investors with long positions.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1206.49

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See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.