Correlation Analysis Between Alcoa and American Airlines

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

Alcoa  
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Risk-Adjusted Performance

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

Alcoa and American Airlines Volatility Contrast

Alcoa Corp.  vs.  American Airlines Group Inc

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  3,268  in American Airlines Group on May 18, 2019 and sell it today you would earn a total of  0.00  from holding American Airlines Group or generate 0.0% return on investment over 30 days.

Pair Corralation between Alcoa and American Airlines

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Diversification Opportunities for Alcoa and American Airlines

Alcoa Corp. diversification synergy

Pay attention

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

Alcoa Corporation

Pair trading matchups for Alcoa

See also your portfolio center. Please also try Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..


 
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