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Correlation Between Babcock Wilcox and Ampco Pittsburgh

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

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Diversification Opportunities for Babcock Wilcox and Ampco Pittsburgh

Babcock Wilcox Enterprises I diversification synergy
-0.31
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Very good diversification

The 3 months correlation between Babcock and Ampco is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Babcock Wilcox Enterprises I and Ampco Pittsburgh Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Ampco Pittsburgh and Babcock Wilcox 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 Babcock Wilcox Enterprises I 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 Babcock Wilcox i.e. Babcock Wilcox and Ampco Pittsburgh go up and down completely randomly.

Pair Corralation between Babcock Wilcox and Ampco Pittsburgh

Allowing for the 30-days total investment horizon, Babcock Wilcox Enterprises I is expected to generate 1.55 times more return on investment than Ampco Pittsburgh. However, Babcock Wilcox is 1.55 times more volatile than Ampco Pittsburgh Corporation. It trades about 0.13 of its potential returns per unit of risk. Ampco Pittsburgh Corporation is currently generating about -0.07 per unit of risk. If you would invest  368.00  in Babcock Wilcox Enterprises I on January 20, 2020 and sell it today you would earn a total of  101.00  from holding Babcock Wilcox Enterprises I or generate 27.45% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Babcock Wilcox Enterprises I  vs.  Ampco Pittsburgh Corp.

 Performance (%) 
    
  Timeline 
Babcock Wilcox Enter 
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Babcock Wilcox Enterprises I are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak primary indicators, Babcock Wilcox showed solid returns over the last few months and may actually be approaching a breakup point.
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 latest weak performance, the Stock's forward-looking indicators remain unfluctuating and the recent disarray on Wall Street may also be a sign of long period gains for the corporate body insiders.

Babcock Wilcox and Ampco Pittsburgh Volatility Contrast

 Predicted Return Density 
    
  Returns 
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