Correlation Between American Express and Marinemax

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both American Express and Marinemax 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 Marinemax into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between American Express and Marinemax, you can compare the effects of market volatilities on American Express and Marinemax 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 Marinemax. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Express and Marinemax.

Diversification Opportunities for American Express and Marinemax

  Correlation Coefficient

Modest diversification

The 3 months correlation between American and Marinemax is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding American Express and Marinemax in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marinemax 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 Marinemax. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marinemax has no effect on the direction of American Express i.e., American Express and Marinemax go up and down completely randomly.

Pair Corralation between American Express and Marinemax

Considering the 90-day investment horizon American Express is expected to generate 0.65 times more return on investment than Marinemax. However, American Express is 1.53 times less risky than Marinemax. It trades about 0.04 of its potential returns per unit of risk. Marinemax is currently generating about 0.02 per unit of risk. If you would invest  10,134  in American Express on June 27, 2022 and sell it today you would earn a total of  3,892  from holding American Express or generate 38.41% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
ValuesDaily Returns

American Express  vs.  Marinemax

 Performance (%) 
American Express 
American Performance
0 of 100
Over the last 90 days American Express has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, American Express is not utilizing all of its potentials. The new stock price disarray, may contribute to short-term losses for the insiders.

American Price Channel

Marinemax Performance
0 of 100
Over the last 90 days Marinemax has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain quite persistent which may send shares a bit higher in October 2022. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Marinemax Price Channel

American Express and Marinemax Volatility Contrast

   Predicted Return Density   

Pair Trading with American Express and Marinemax

The main advantage of trading using opposite American Express and Marinemax positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Express position performs unexpectedly, Marinemax 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 Marinemax will offset losses from the drop in Marinemax's long position.
American Express vs. Sigma Lithium Corp
The idea behind American Express and Marinemax 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.
Marinemax vs. Argenx Se ADR
Marinemax vs. Moderna
Marinemax vs. Csl Ltd ADR
Marinemax vs. Genmab AS ADR
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.

Other Complementary Tools

Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals
Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Equity Analysis
Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios
Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Portfolio Optimization
Compute new portfolio that will generate highest expected return given your specified tolerance for risk
Price Transformation
Use Price Transformation models to analyze depth of different equity instruments across global markets
Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital
Technical Analysis
Check basic technical indicators and analysis based on most latest market data