Correlation Between Advanced Micro and Petrobras
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By analyzing existing cross correlation between Advanced Micro Devices and Petrobras 7375 percent, you can compare the effects of market volatilities on Advanced Micro and Petrobras 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 Advanced Micro with a short position of Petrobras. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advanced Micro and Petrobras.
Diversification Opportunities for Advanced Micro and Petrobras
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Advanced and Petrobras is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Micro Devices and Petrobras 7375 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Petrobras 7375 percent and Advanced Micro 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 Advanced Micro Devices are associated (or correlated) with Petrobras. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Petrobras 7375 percent has no effect on the direction of Advanced Micro i.e., Advanced Micro and Petrobras go up and down completely randomly.
Pair Corralation between Advanced Micro and Petrobras
Considering the 90-day investment horizon Advanced Micro Devices is expected to generate 3.03 times more return on investment than Petrobras. However, Advanced Micro is 3.03 times more volatile than Petrobras 7375 percent. It trades about 0.03 of its potential returns per unit of risk. Petrobras 7375 percent is currently generating about 0.01 per unit of risk. If you would invest 10,822 in Advanced Micro Devices on September 12, 2024 and sell it today you would earn a total of 1,952 from holding Advanced Micro Devices or generate 18.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.28% |
| Values | Daily Returns |
Advanced Micro Devices vs. Petrobras 7375 percent
Performance |
| Timeline |
| Advanced Micro Devices |
| Petrobras 7375 percent |
Advanced Micro and Petrobras Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Advanced Micro and Petrobras
The main advantage of trading using opposite Advanced Micro and Petrobras positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advanced Micro position performs unexpectedly, Petrobras 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 Petrobras will offset losses from the drop in Petrobras' long position.| Advanced Micro vs. NVIDIA | Advanced Micro vs. Taiwan Semiconductor Manufacturing | Advanced Micro vs. Micron Technology | Advanced Micro vs. Qualcomm Incorporated |
| Petrobras vs. Plexus Corp | Petrobras vs. Vishay Precision Group | Petrobras vs. Advanced Micro Devices | Petrobras vs. Jabil Circuit |
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 the ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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