Correlation Analysis Between American Airlines and Home Depot

This module allows you to analyze existing cross correlation between American Airlines Group and The Home Depot. You can compare the effects of market volatilities on American Airlines and Home Depot 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 Home Depot. See also your portfolio center. Please also check ongoing floating volatility patterns of American Airlines and Home Depot.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

American Airlines  
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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.
Home Depot  
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Risk-Adjusted Performance

Over the last 30 days The Home Depot has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, Home Depot is not utilizing all of its potentials. The new stock price tumult, may contribute to shorter-term losses for the shareholders.

American Airlines and Home Depot Volatility Contrast

American Airlines Group Inc  vs.  The Home Depot Inc

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest (100.00)  in The Home Depot on May 21, 2019 and sell it today you would earn a total of  100.00  from holding The Home Depot or generate -100.0% return on investment over 30 days.

Pair Corralation between American Airlines and Home Depot

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for American Airlines and Home Depot

American Airlines Group Inc diversification synergy

Pay attention

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