Correlation Analysis Between American Airlines and Chevron

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

Comparative Performance

American Airlines  
00

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 weak performance in the last few months, the Stock's technical indicators remain considerably steady which may send shares a bit higher in September 2019. The new chaos may also be a sign of medium term up-swing for the business stakeholders.
Chevron  
00

Risk-Adjusted Performance

Over the last 30 days Chevron Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite latest unsteady performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

American Airlines and Chevron Volatility Contrast

 Predicted Return Density 
      Returns 

American Airlines Group Inc  vs.  Chevron Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, American Airlines Group is expected to under-perform the Chevron. In addition to that, American Airlines is 1.96 times more volatile than Chevron Corporation. It trades about -0.2 of its total potential returns per unit of risk. Chevron Corporation is currently generating about -0.15 per unit of volatility. If you would invest  12,493  in Chevron Corporation on July 21, 2019 and sell it today you would lose (880.00)  from holding Chevron Corporation or give up 7.04% of portfolio value over 30 days.

Pair Corralation between American Airlines and Chevron

0.88
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for American Airlines and Chevron

American Airlines Group Inc diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding American Airlines Group Inc and Chevron Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Chevron 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 Chevron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chevron has no effect on the direction of American Airlines i.e. American Airlines and Chevron go up and down completely randomly.
See also your portfolio center. Please also try ETF Directory module to find actively-traded exchange traded funds (etf) from around the world.


 
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