Correlation Between American Express and Duesenberg Technologies
Can any of the company-specific risk be diversified away by investing in both American Express and Duesenberg Technologies at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining American Express and Duesenberg Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between American Express and Duesenberg Technologies, you can compare the effects of market volatilities on American Express and Duesenberg Technologies 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 Duesenberg Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and Duesenberg Technologies.
Diversification Opportunities for American Express and Duesenberg Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and Duesenberg is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding American Express and Duesenberg Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duesenberg Technologies 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 Duesenberg Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duesenberg Technologies has no effect on the direction of American Express i.e., American Express and Duesenberg Technologies go up and down completely randomly.
Pair Corralation between American Express and Duesenberg Technologies
If you would invest 15,171 in American Express on February 7, 2024 and sell it today you would earn a total of 8,262 from holding American Express or generate 54.46% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
American Express vs. Duesenberg Technologies
Performance |
Timeline |
American Express |
Duesenberg Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
American Express and Duesenberg Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with American Express and Duesenberg Technologies
The main advantage of trading using opposite American Express and Duesenberg Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, Duesenberg Technologies 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 Duesenberg Technologies will offset losses from the drop in Duesenberg Technologies' long position.American Express vs. Visa Class A | American Express vs. Diamond Hill Investment | American Express vs. Distoken Acquisition | American Express vs. AllianceBernstein Holding LP |
Duesenberg Technologies vs. Radcom | Duesenberg Technologies vs. Mondee Holdings | Duesenberg Technologies vs. LB Foster | Duesenberg Technologies vs. Hafnia Limited |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |