Correlation Analysis Between Barnes and Ampco Pittsburgh

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

Barnes Group  
00

Risk-Adjusted Performance

Over the last 30 days Barnes Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Barnes is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short term losses for the investors.
Ampco Pittsburgh  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Ampco Pittsburgh Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Inspite very unfluctuating forward-looking indicators, Ampco Pittsburgh is not utilizing all of its potentials. The current stock price disarray, may contribute to short term momentum losses for the insiders.

Barnes and Ampco Pittsburgh Volatility Contrast

 Predicted Return Density 
      Returns 

Barnes Group Inc  vs.  Ampco Pittsburgh Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Barnes Group is expected to under-perform the Ampco Pittsburgh. But the stock apears to be less risky and, when comparing its historical volatility, Barnes Group is 1.92 times less risky than Ampco Pittsburgh. The stock trades about -0.02 of its potential returns per unit of risk. The Ampco Pittsburgh Corporation is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  400.00  in Ampco Pittsburgh Corporation on September 13, 2019 and sell it today you would lose (6.00)  from holding Ampco Pittsburgh Corporation or give up 1.5% of portfolio value over 30 days.

Pair Corralation between Barnes and Ampco Pittsburgh

0.35
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Barnes and Ampco Pittsburgh

Barnes Group Inc diversification synergy

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Barnes Group Inc and Ampco Pittsburgh Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Ampco Pittsburgh and Barnes 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 Barnes Group 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 Barnes i.e. Barnes and Ampco Pittsburgh go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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