Correlation Analysis Between ATT and American Airlines

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

Comparative Performance

ATT  
0

Risk-Adjusted Performance

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

ATT and American Airlines Volatility Contrast

 Predicted Return Density 
      Returns 

ATT  vs.  American Airlines Group Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, ATT is expected to under-perform the American Airlines. But the stock apears to be less risky and, when comparing its historical volatility, ATT is 1.77 times less risky than American Airlines. The stock trades about -0.08 of its potential returns per unit of risk. The American Airlines Group is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest  3,328  in American Airlines Group on November 15, 2018 and sell it today you would lose (87.00)  from holding American Airlines Group or give up 2.61% of portfolio value over 30 days.

Pair Corralation between ATT and American Airlines

-0.27
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ATT and American Airlines

ATT diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding ATT and American Airlines Group Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on American Airlines and ATT 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 ATT 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 has no effect on the direction of ATT i.e. ATT and American Airlines go up and down completely randomly.

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See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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