Correlation Between Applied Blockchain and AMGEN
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By analyzing existing cross correlation between Applied Blockchain and AMGEN INC 44, you can compare the effects of market volatilities on Applied Blockchain and AMGEN 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 Applied Blockchain with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Applied Blockchain and AMGEN.
Diversification Opportunities for Applied Blockchain and AMGEN
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Applied and AMGEN is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Applied Blockchain and AMGEN INC 44 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 44 and Applied Blockchain 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 Applied Blockchain are associated (or correlated) with AMGEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGEN INC 44 has no effect on the direction of Applied Blockchain i.e., Applied Blockchain and AMGEN go up and down completely randomly.
Pair Corralation between Applied Blockchain and AMGEN
Given the investment horizon of 90 days Applied Blockchain is expected to generate 6.81 times more return on investment than AMGEN. However, Applied Blockchain is 6.81 times more volatile than AMGEN INC 44. It trades about 0.1 of its potential returns per unit of risk. AMGEN INC 44 is currently generating about -0.11 per unit of risk. If you would invest 755.00 in Applied Blockchain on September 13, 2024 and sell it today you would earn a total of 158.00 from holding Applied Blockchain or generate 20.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.7% |
| Values | Daily Returns |
Applied Blockchain vs. AMGEN INC 44
Performance |
| Timeline |
| Applied Blockchain |
| AMGEN INC 44 |
Applied Blockchain and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Applied Blockchain and AMGEN
The main advantage of trading using opposite Applied Blockchain and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Applied Blockchain position performs unexpectedly, AMGEN 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 AMGEN will offset losses from the drop in AMGEN's long position.| Applied Blockchain vs. Magic Empire Global | Applied Blockchain vs. Zhong Yang Financial | Applied Blockchain vs. Netcapital | Applied Blockchain vs. Lazard |
| AMGEN vs. ATRenew Inc DRC | AMGEN vs. Tradeweb Markets | AMGEN vs. Grocery Outlet Holding | AMGEN vs. Simon Property Group |
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 CEOs Directory module to screen CEOs from public companies around the world.
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