This module allows you to analyze existing cross correlation between Best Buy Co Inc and American Airlines Group Inc. You can compare the effects of market volatilities on Best Buy 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 Best Buy with a short position of American Airlines. See also your portfolio center
. Please also check ongoing floating volatility patterns of Best Buy
and American Airlines
Best Buy Co Inc vs American Airlines Group Inc
If you would invest 5,339 in American Airlines Group Inc on January 26, 2018 and sell it today you would earn a total of 0.00 from holding American Airlines Group Inc or generate 0.0% return on investment over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding Best Buy Co Inc and American Airlines Group Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on American Airlines Group and Best Buy 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 Best Buy Co Inc 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 Group has no effect on the direction of Best Buy i.e. Best Buy and American Airlines go up and down completely randomly.
Over the last 30 days Best Buy Co Inc has generated negative risk-adjusted returns adding no value to investors with long positions.