Amgen Correlations

AMG Stock

EUR 324.45 1.40 0.43%

The current 90-days correlation between Amgen Inc and DANAHER is -0.04 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Amgen moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Amgen Inc moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Amgen Correlation With Market

Weak diversification

The correlation between Amgen Inc and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Amgen Inc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Amgen could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Amgen when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Amgen - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Amgen Inc to buy it.

Moving together with Amgen Stock

0.74	RHO	ROCHE HLDG	Pair Corr
0.79	6MK	Merck	Pair Corr
0.77	NOT	NOVARTIS N	Pair Corr
0.75	4I1	Philip Morris Intern	Pair Corr
0.86	TOTB	TotalEnergies SE	Pair Corr
0.74	IUA	ASTRA GRAPHIA	Pair Corr
0.79	SUI	Sekisui Chemical	Pair Corr
0.77	KUO1	Kubota	Pair Corr
0.68	HY9H	SK hynix	Pair Corr
0.88	WX6	National Health Investors Earnings Call Tomorrow	Pair Corr
0.63	0NH	Nomad Foods Earnings Call Tomorrow	Pair Corr
0.63	DL8	Deluxe	Pair Corr

Moving against Amgen Stock

0.84	QCI	QUALCOMM	Pair Corr
0.72	DAP	DANAHER (DAPSG)	Pair Corr
0.63	BNB	BAYAN RESOURCES Earnings Call Tomorrow	Pair Corr
0.55	ABL	Abbott Laboratories	Pair Corr
0.36	BNB	BAYAN RESOURCES Earnings Call This Week	Pair Corr
0.31	AMD	Advanced Micro Devices	Pair Corr
0.51	3IB	INDO TAMBANGRAYA	Pair Corr

Related Correlations Analysis

	RHO	DAP	QCI	6MK	NOT	4I1	W8V
RHO		-0.57	-0.84	0.91	0.98	0.95	0.37	RHO
DAP	-0.57		0.69	-0.49	-0.6	-0.53	-0.29	DAP
QCI	-0.84	0.69		-0.77	-0.82	-0.91	-0.48	QCI
6MK	0.91	-0.49	-0.77		0.93	0.88	0.4	6MK
NOT	0.98	-0.6	-0.82	0.93		0.93	0.37	NOT
4I1	0.95	-0.53	-0.91	0.88	0.93		0.41	4I1
W8V	0.37	-0.29	-0.48	0.4	0.37	0.41		W8V
	RHO	DAP	QCI	6MK	NOT	4I1	W8V

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NOT	+ 0.98	RHO
4I1	+ 0.95	RHO
NOT	+ 0.93	6MK
4I1	+ 0.93	NOT
6MK	+ 0.91	RHO
4I1	+ 0.88	6MK

High negative correlations

4I1	- 0.91	QCI
QCI	- 0.84	RHO
NOT	- 0.82	QCI
6MK	- 0.77	QCI
NOT	- 0.6	DAP
DAP	- 0.57	RHO

Risk-Adjusted Indicators

There is a big difference between Amgen Stock performing well and Amgen Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Amgen's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
RHO	0.93	0.26	0.14	0.78	1.26	(1.06)	2.24	(2.06)	8.07
DAP	1.24	(0.05)	0.00	0.23	0.00	0.00	2.32	(2.98)	8.54
QCI	1.48	(0.16)	0.00	1.11	0.00	0.00	1.95	(2.57)	12.93
6MK	1.28	0.40	0.17	(1.04)	1.27	(1.48)	3.38	(2.23)	8.41
NOT	0.90	0.38	0.34	(4.57)	0.34	(1.10)	2.70	(1.40)	5.41
4I1	1.12	0.33	0.14	(1.23)	1.15	(1.26)	2.89	(2.55)	7.67
W8V	1.53	0.08	0.01	0.28	2.75	(3.29)	2.08	(2.04)	24.03

Be your own money manager

Our tools can tell you how much better you can do entering a position in Amgen without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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