Correlation Between American Express and 345370BN9
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By analyzing existing cross correlation between American Express and FORD MTR DEL, you can compare the effects of market volatilities on American Express and 345370BN9 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 345370BN9. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and 345370BN9.
Diversification Opportunities for American Express and 345370BN9
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and 345370BN9 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding American Express and FORD MTR CO DEL 7.125% 15Nov20 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FORD MTR DEL 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 345370BN9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FORD MTR DEL has no effect on the direction of American Express i.e., American Express and 345370BN9 go up and down completely randomly.
Pair Corralation between American Express and 345370BN9
If you would invest 17,311 in American Express on December 30, 2023 and sell it today you would earn a total of 5,458 from holding American Express or generate 31.53% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.2% |
Values | Daily Returns |
American Express vs. FORD MTR CO DEL 7.125% 15Nov20
Performance |
Timeline |
American Express |
FORD MTR DEL |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
American Express and 345370BN9 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with American Express and 345370BN9
The main advantage of trading using opposite American Express and 345370BN9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, 345370BN9 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 345370BN9 will offset losses from the drop in 345370BN9's long position.American Express vs. Nisun International Enterprise | American Express vs. International Business Machines | American Express vs. McDonalds | American Express vs. Alcoa Corp |
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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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