Correlation Between Amgen and SUMILF
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By analyzing existing cross correlation between Amgen Inc and SUMILF 3375 15 APR 81, you can compare the effects of market volatilities on Amgen and SUMILF 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 SUMILF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amgen and SUMILF.
Diversification Opportunities for Amgen and SUMILF
Excellent diversification
The 3 months correlation between Amgen and SUMILF is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Amgen Inc and SUMILF 3375 15 APR 81 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMILF 3375 15 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 SUMILF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMILF 3375 15 has no effect on the direction of Amgen i.e., Amgen and SUMILF go up and down completely randomly.
Pair Corralation between Amgen and SUMILF
Given the investment horizon of 90 days Amgen Inc is expected to under-perform the SUMILF. In addition to that, Amgen is 19.78 times more volatile than SUMILF 3375 15 APR 81. It trades about -0.14 of its total potential returns per unit of risk. SUMILF 3375 15 APR 81 is currently generating about -0.86 per unit of volatility. If you would invest 8,956 in SUMILF 3375 15 APR 81 on August 27, 2024 and sell it today you would lose (33.00) from holding SUMILF 3375 15 APR 81 or give up 0.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 19.05% |
| Values | Daily Returns |
Amgen Inc vs. SUMILF 3375 15 APR 81
Performance |
| Timeline |
| Amgen Inc |
| SUMILF 3375 15 |
Amgen and SUMILF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amgen and SUMILF
The main advantage of trading using opposite Amgen and SUMILF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amgen position performs unexpectedly, SUMILF 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 SUMILF will offset losses from the drop in SUMILF's long position.| Amgen vs. Eliem Therapeutics | Amgen vs. HCW Biologics | Amgen vs. Scpharmaceuticals | Amgen vs. Milestone Pharmaceuticals |
| SUMILF vs. Playtika Holding Corp | SUMILF vs. Wabash National | SUMILF vs. Viemed Healthcare | SUMILF vs. Amgen Inc |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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