Correlation Analysis Between Newpark Resources and Ampco Pittsburgh

This module allows you to analyze existing cross correlation between Newpark Resources 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.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Newpark Resources Inc  vs.  Ampco Pittsburgh Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Newpark Resources is expected to under-perform the Ampco Pittsburgh. But the stock apears to be less risky and, when comparing its historical volatility, Newpark Resources is 1.1 times less risky than Ampco Pittsburgh. The stock trades about -0.2 of its potential returns per unit of risk. The Ampco Pittsburgh Corporation is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest  1,050  in Ampco Pittsburgh Corporation on June 23, 2018 and sell it today you would lose (65.00)  from holding Ampco Pittsburgh Corporation or give up 6.19% of portfolio value over 30 days.

Pair Corralation between Newpark Resources and Ampco Pittsburgh

0.71
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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 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.

Comparative Volatility

 Predicted Return Density 
      Returns 
Newpark Resources  
0 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1184.91

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
vendors/bower_components/jquery.easy-pie-chart/dist/jquery.easypiechart.min.js">