Correlation Between American Express and Ssga High
Can any of the company-specific risk be diversified away by investing in both American Express and Ssga High at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining American Express and Ssga High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between American Express and Ssga High Yield, you can compare the effects of market volatilities on American Express and Ssga High 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 Express with a short position of Ssga High. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and Ssga High.
Diversification Opportunities for American Express and Ssga High
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and Ssga is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding American Express and Ssga High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ssga High Yield and American Express 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 Express are associated (or correlated) with Ssga High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ssga High Yield has no effect on the direction of American Express i.e., American Express and Ssga High go up and down completely randomly.
Pair Corralation between American Express and Ssga High
If you would invest 16,745 in American Express on January 24, 2024 and sell it today you would earn a total of 6,555 from holding American Express or generate 39.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
American Express vs. Ssga High Yield
Performance |
| Timeline |
| American Express |
| Ssga High Yield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
American Express and Ssga High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Express and Ssga High
The main advantage of trading using opposite American Express and Ssga High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, Ssga High can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Ssga High will offset losses from the drop in Ssga High's long position.| American Express vs. Visa Class A | American Express vs. Mastercard | American Express vs. Oshidori International Holdings | American Express vs. US70082LAB36 |
| Ssga High vs. Miller Vertible Bond | Ssga High vs. The Gamco Global | Ssga High vs. Virtus Convertible | Ssga High vs. Mainstay Vertible Fund |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Stocks Directory Find actively traded stocks across global markets |