Correlation Between Amgen and UNICREDIT
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By analyzing existing cross correlation between Amgen Inc and UNICREDIT SPA 5861, you can compare the effects of market volatilities on Amgen and UNICREDIT 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 UNICREDIT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amgen and UNICREDIT.
Diversification Opportunities for Amgen and UNICREDIT
Modest diversification
The 3 months correlation between Amgen and UNICREDIT is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Amgen Inc and UNICREDIT SPA 5861 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNICREDIT SPA 5861 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 UNICREDIT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNICREDIT SPA 5861 has no effect on the direction of Amgen i.e., Amgen and UNICREDIT go up and down completely randomly.
Pair Corralation between Amgen and UNICREDIT
Given the investment horizon of 90 days Amgen Inc is expected to generate 1.04 times more return on investment than UNICREDIT. However, Amgen is 1.04 times more volatile than UNICREDIT SPA 5861. It trades about -0.21 of its potential returns per unit of risk. UNICREDIT SPA 5861 is currently generating about -0.25 per unit of risk. If you would invest 31,440 in Amgen Inc on September 3, 2024 and sell it today you would lose (3,153) from holding Amgen Inc or give up 10.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 70.0% |
| Values | Daily Returns |
Amgen Inc vs. UNICREDIT SPA 5861
Performance |
| Timeline |
| Amgen Inc |
| UNICREDIT SPA 5861 |
Amgen and UNICREDIT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amgen and UNICREDIT
The main advantage of trading using opposite Amgen and UNICREDIT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amgen position performs unexpectedly, UNICREDIT 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 UNICREDIT will offset losses from the drop in UNICREDIT's long position.| Amgen vs. Pfizer Inc | Amgen vs. Johnson Johnson | Amgen vs. Highway Holdings Limited | Amgen vs. QCR Holdings |
| UNICREDIT vs. AEP TEX INC | UNICREDIT vs. US BANK NATIONAL | UNICREDIT vs. Jackson Financial | UNICREDIT vs. MetLife |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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