This module allows you to analyze existing cross correlation between Newpark Resources Inc and Ampco Pittsburgh Corporation. You can compare the effects of market volatilities on Newpark Resources 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 Newpark Resources with a short position of Ampco Pittsburgh. See also your portfolio center
. Please also check ongoing floating volatility patterns of Newpark Resources
and Ampco Pittsburgh
Newpark Resources Inc vs Ampco Pittsburgh Corp.
Allowing for the 30-days total investment horizon, Newpark Resources Inc is expected to generate 0.55 times more return on investment than Ampco Pittsburgh. However, Newpark Resources Inc is 1.81 times less risky than Ampco Pittsburgh. It trades about 0.2 of its potential returns per unit of risk. Ampco Pittsburgh Corporation is currently generating about -0.09 per unit of risk. If you would invest 835.00 in Newpark Resources Inc on February 19, 2018 and sell it today you would earn a total of 65.00 from holding Newpark Resources Inc or generate 7.78% return on investment over 30 days.
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Overlapping area represents the amount of risk that can be diversified away by holding Newpark Resources 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 Newpark Resources 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 Newpark Resources 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 Newpark Resources i.e. Newpark Resources and Ampco Pittsburgh go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Newpark Resources Inc are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days Ampco Pittsburgh Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.