Correlation Analysis Between American Airlines and Chevron

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

American Airlines Group Inc  vs.  Chevron Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, American Airlines Group is expected to generate 1.63 times more return on investment than Chevron. However, American Airlines is 1.63 times more volatile than Chevron Corporation. It trades about 0.22 of its potential returns per unit of risk. Chevron Corporation is currently generating about 0.04 per unit of risk. If you would invest  3,206  in American Airlines Group on October 18, 2018 and sell it today you would earn a total of  469.00  from holding American Airlines Group or generate 14.63% return on investment over 30 days.

Pair Corralation between American Airlines and Chevron

0.41
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

American Airlines Group Inc diversification synergy

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
American Airlines Group  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in American Airlines Group are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.
Chevron  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Chevron Corporation are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

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
$1061.49

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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.


 
Search macroaxis.com