Correlation Between Apptech Corp and Americanas

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

Diversification Opportunities for Apptech Corp and Americanas

  Correlation Coefficient

Average diversification

The 3 months correlation between Apptech and Americanas is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Apptech Corp and Americanas SA ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Americanas SA ADR and Apptech Corp 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 Apptech Corp are associated (or correlated) with Americanas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Americanas SA ADR has no effect on the direction of Apptech Corp i.e., Apptech Corp and Americanas go up and down completely randomly.

Pair Corralation between Apptech Corp and Americanas

If you would invest  85.00  in Apptech Corp on September 2, 2022 and sell it today you would earn a total of  3.00  from holding Apptech Corp or generate 3.53% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

Apptech Corp  vs.  Americanas SA ADR

 Performance (%) 
Apptech Corp 
Apptech Performance
7 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Apptech Corp are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of fairly uncertain fundamental indicators, Apptech Corp showed solid returns over the last few months and may actually be approaching a breakup point.

Apptech Price Channel

Americanas SA ADR 
Americanas Performance
9 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Americanas SA ADR are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak basic indicators, Americanas showed solid returns over the last few months and may actually be approaching a breakup point.

Americanas Price Channel

Apptech Corp and Americanas Volatility Contrast

   Predicted Return Density   

Pair Trading with Apptech Corp and Americanas

The main advantage of trading using opposite Apptech Corp and Americanas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apptech Corp position performs unexpectedly, Americanas 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 Americanas will offset losses from the drop in Americanas' long position.
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The idea behind Apptech Corp and Americanas SA ADR 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 Piotroski F Score module to get Piotroski F Score based on binary analysis strategy of nine different fundamentals.

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