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Correlation Between Curtiss Wright and Ampco Pittsburgh

Analyzing existing cross correlation between Curtiss Wright Corporation and Ampco Pittsburgh Corporation. You can compare the effects of market volatilities on Curtiss Wright 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 Curtiss Wright with a short position of Ampco Pittsburgh. Check out your portfolio center. Please also check ongoing floating volatility patterns of Curtiss Wright and Ampco Pittsburgh.

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Diversification Opportunities for Curtiss Wright and Ampco Pittsburgh

Curtiss Wright Corp. diversification synergy
-0.76
<div class='circular--portrait-small' style='background:#CD0D74;color: white;font-size:1.6em;padding-top: 6px;;'>CW</div>
<div class='circular--portrait-small' style='background:#0D52D1;color: white;font-size:1.6em;padding-top: 6px;;'>AP</div>

Pay attention - limited upside

The 3 months correlation between Curtiss and Ampco is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Curtiss Wright Corp. and Ampco Pittsburgh Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Ampco Pittsburgh and Curtiss Wright 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 Curtiss Wright Corporation 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 Curtiss Wright i.e. Curtiss Wright and Ampco Pittsburgh go up and down completely randomly.

Pair Corralation between Curtiss Wright and Ampco Pittsburgh

Allowing for the 30-days total investment horizon, Curtiss Wright Corporation is expected to generate 0.4 times more return on investment than Ampco Pittsburgh. However, Curtiss Wright Corporation is 2.5 times less risky than Ampco Pittsburgh. It trades about 0.1 of its potential returns per unit of risk. Ampco Pittsburgh Corporation is currently generating about -0.12 per unit of risk. If you would invest  13,785  in Curtiss Wright Corporation on January 24, 2020 and sell it today you would earn a total of  685.00  from holding Curtiss Wright Corporation or generate 4.97% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Curtiss Wright Corp.  vs.  Ampco Pittsburgh Corp.

 Performance (%) 
    
  Timeline 
Curtiss Wright 
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Curtiss Wright Corporation are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Inspite fairly stable primary indicators, Curtiss Wright is not utilizing all of its potentials. The current stock price fuss, may contribute to near short-term losses for the directors.
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 March 2020. The recent disarray may also be a sign of long period up-swing for the corporate body insiders.

Curtiss Wright and Ampco Pittsburgh Volatility Contrast

 Predicted Return Density 
    
  Returns 
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