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Correlation Between Bridgeway Blue and American Airlines

Analyzing existing cross correlation between Bridgeway Blue Chip Fund and American Airlines Group. You can compare the effects of market volatilities on Bridgeway Blue 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 Bridgeway Blue with a short position of American Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgeway Blue and American Airlines.

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Diversification Opportunities for Bridgeway Blue and American Airlines

Bridgeway Blue Chip Fund diversification synergy
-0.06
BR
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Good diversification

The 3 months correlation between Bridgeway and American is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Bridgeway Blue Chip Fund 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 Bridgeway Blue 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 Bridgeway Blue Chip Fund 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 Bridgeway Blue i.e. Bridgeway Blue and American Airlines go up and down completely randomly.

Pair Corralation between Bridgeway Blue and American Airlines

Assuming 30 trading days horizon, Bridgeway Blue Chip Fund is expected to under-perform the American Airlines. But the mutual fund apears to be less risky and, when comparing its historical volatility, Bridgeway Blue Chip Fund is 1.6 times less risky than American Airlines. The mutual fund trades about -0.04 of its potential returns per unit of risk. The American Airlines Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  2,868  in American Airlines Group on January 21, 2020 and sell it today you would earn a total of  5.00  from holding American Airlines Group or generate 0.17% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy98.39%
ValuesDaily Returns

Bridgeway Blue Chip Fund  vs.  American Airlines Group Inc

 Performance (%) 
    
  Timeline 
Bridgeway Blue Chip 
00

Risk-Adjusted Fund Performance

Over the last 30 days Bridgeway Blue Chip Fund has generated negative risk-adjusted returns adding no value to fund investors. Inspite fairly strong basic indicators, Bridgeway Blue is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
American Airlines 
00

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. Even with considerably steady technical indicators, American Airlines is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.

Bridgeway Blue and American Airlines Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.