Correlation Between Atlas Air and APPTECH CORP

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Can any of the company-specific risk be diversified away by investing in both Atlas Air and APPTECH CORP 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 Atlas Air and APPTECH CORP into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atlas Air Ww and APPTECH CORP, you can compare the effects of market volatilities on Atlas Air and APPTECH CORP 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 Atlas Air with a short position of APPTECH CORP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atlas Air and APPTECH CORP.

Diversification Opportunities for Atlas Air and APPTECH CORP

0.28
  Correlation Coefficient

Modest diversification

The 3 months correlation between Atlas and APPTECH is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Atlas Air Ww and APPTECH CORP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPTECH CORP and Atlas Air 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 Atlas Air Ww are associated (or correlated) with APPTECH CORP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPTECH CORP has no effect on the direction of Atlas Air i.e., Atlas Air and APPTECH CORP go up and down completely randomly.

Pair Corralation between Atlas Air and APPTECH CORP

Given the investment horizon of 90 days Atlas Air is expected to generate 73.99 times less return on investment than APPTECH CORP. But when comparing it to its historical volatility, Atlas Air Ww is 49.78 times less risky than APPTECH CORP. It trades about 0.07 of its potential returns per unit of risk. APPTECH CORP is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  950.00  in APPTECH CORP on August 29, 2022 and sell it today you would lose (886.00)  from holding APPTECH CORP or give up 93.26% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy99.79%
ValuesDaily Returns

Atlas Air Ww  vs.  APPTECH CORP

 Performance (%) 
       Timeline  
Atlas Air Ww 
Atlas Performance
2 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Atlas Air Ww are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of fairly stable basic indicators, Atlas Air is not utilizing all of its potentials. The latest stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Atlas Price Channel

APPTECH CORP 
APPTECH Performance
3 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in APPTECH CORP are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of fairly abnormal fundamental indicators, APPTECH CORP showed solid returns over the last few months and may actually be approaching a breakup point.

APPTECH Price Channel

Atlas Air and APPTECH CORP Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Atlas Air and APPTECH CORP

The main advantage of trading using opposite Atlas Air and APPTECH CORP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atlas Air position performs unexpectedly, APPTECH CORP 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 APPTECH CORP will offset losses from the drop in APPTECH CORP's long position.
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The idea behind Atlas Air Ww and APPTECH CORP pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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