Correlation Analysis Between American Airlines and CVS Health

This module allows you to analyze existing cross correlation between American Airlines Group and CVS Health Corporation. You can compare the effects of market volatilities on American Airlines and CVS Health 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 Airlines with a short position of CVS Health. See also your portfolio center. Please also check ongoing floating volatility patterns of American Airlines and CVS Health.
Horizon     30 Days    Login   to change
Symbolsvs

American Airlines Group Inc  vs.  CVS Health Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, American Airlines Group is expected to under-perform the CVS Health. But the stock apears to be less risky and, when comparing its historical volatility, American Airlines Group is 1.17 times less risky than CVS Health. The stock trades about -0.5 of its potential returns per unit of risk. The CVS Health Corporation is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest  7,959  in CVS Health Corporation on September 21, 2018 and sell it today you would lose (576.00)  from holding CVS Health Corporation or give up 7.24% of portfolio value over 30 days.

Pair Corralation between American Airlines and CVS Health

0.68
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding American Airlines Group Inc and CVS Health Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CVS Health and American Airlines 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 Airlines Group are associated (or correlated) with CVS Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVS Health has no effect on the direction of American Airlines i.e. American Airlines and CVS Health go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
American Airlines Group  
0 

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.
CVS Health  
0 

Risk-Adjusted Performance

Over the last 30 days CVS Health Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.

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Alphabet
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