Correlation Between Amgen and 1011778
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By analyzing existing cross correlation between Amgen Inc and 1011778 BC 3875, you can compare the effects of market volatilities on Amgen and 1011778 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 Amgen with a short position of 1011778. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amgen and 1011778.
Diversification Opportunities for Amgen and 1011778
Poor diversification
The 3 months correlation between Amgen and 1011778 is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Amgen Inc and 1011778 BC 3875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 1011778 BC 3875 and Amgen 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 Amgen Inc are associated (or correlated) with 1011778. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 1011778 BC 3875 has no effect on the direction of Amgen i.e., Amgen and 1011778 go up and down completely randomly.
Pair Corralation between Amgen and 1011778
Given the investment horizon of 90 days Amgen Inc is expected to generate 4.73 times more return on investment than 1011778. However, Amgen is 4.73 times more volatile than 1011778 BC 3875. It trades about 0.03 of its potential returns per unit of risk. 1011778 BC 3875 is currently generating about 0.01 per unit of risk. If you would invest 26,123 in Amgen Inc on September 3, 2024 and sell it today you would earn a total of 2,164 from holding Amgen Inc or generate 8.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.57% |
| Values | Daily Returns |
Amgen Inc vs. 1011778 BC 3875
Performance |
| Timeline |
| Amgen Inc |
| 1011778 BC 3875 |
Amgen and 1011778 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amgen and 1011778
The main advantage of trading using opposite Amgen and 1011778 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amgen position performs unexpectedly, 1011778 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 1011778 will offset losses from the drop in 1011778's long position.| Amgen vs. Pfizer Inc | Amgen vs. Johnson Johnson | Amgen vs. Highway Holdings Limited | Amgen vs. QCR Holdings |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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