Correlation Analysis Between Barnes and Ampco Pittsburgh

Analyzing existing cross correlation between Barnes Group and Ampco Pittsburgh Corporation. You can compare the effects of market volatilities on Barnes 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 Barnes with a short position of Ampco Pittsburgh. See also your portfolio center. Please also check ongoing floating volatility patterns of Barnes and Ampco Pittsburgh.
Horizon     30 Days    Login   to change
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Comparative Performance

Barnes Group  
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Barnes Group are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. Despite somewhat unfluctuating basic indicators, Barnes sustained solid returns over the last few months and may actually be approaching a breakup point.
Ampco Pittsburgh  
00

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. Inspite weak performance in the last few months, the Stock's forward-looking indicators remain very unfluctuating which may send shares a bit higher in February 2020. The recent disarray may also be a sign of long period up-swing for the corporate body insiders.

Barnes and Ampco Pittsburgh Volatility Contrast

 Predicted Return Density 
    
  Returns 

Barnes Group Inc  vs.  Ampco Pittsburgh Corp.

 Performance (%) 
    
  Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Barnes Group is expected to generate 0.83 times more return on investment than Ampco Pittsburgh. However, Barnes Group is 1.2 times less risky than Ampco Pittsburgh. It trades about 0.18 of its potential returns per unit of risk. Ampco Pittsburgh Corporation is currently generating about -0.14 per unit of risk. If you would invest  5,283  in Barnes Group on December 23, 2019 and sell it today you would earn a total of  1,234  from holding Barnes Group or generate 23.36% return on investment over 30 days.

Pair Corralation between Barnes and Ampco Pittsburgh

-0.67
Time Period3 Months [change]
DirectionNegative 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Barnes and Ampco Pittsburgh

Barnes Group Inc diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Barnes Group 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 Barnes 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 Barnes Group 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 Barnes i.e. Barnes and Ampco Pittsburgh go up and down completely randomly.
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