Correlation Between Asure Software and AMGEN

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Can any of the company-specific risk be diversified away by investing in both Asure Software and AMGEN at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Asure Software and AMGEN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asure Software and AMGEN INC 64, you can compare the effects of market volatilities on Asure Software 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 Asure Software with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asure Software and AMGEN.

Diversification Opportunities for Asure Software and AMGEN

-0.33
  Correlation Coefficient

Very good diversification

The 3 months correlation between Asure and AMGEN is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Asure Software and AMGEN INC 64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 64 and Asure Software 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 Asure Software 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 64 has no effect on the direction of Asure Software i.e., Asure Software and AMGEN go up and down completely randomly.

Pair Corralation between Asure Software and AMGEN

Given the investment horizon of 90 days Asure Software is expected to generate 1.42 times more return on investment than AMGEN. However, Asure Software is 1.42 times more volatile than AMGEN INC 64. It trades about 0.26 of its potential returns per unit of risk. AMGEN INC 64 is currently generating about 0.16 per unit of risk. If you would invest  865.00  in Asure Software on September 15, 2024 and sell it today you would earn a total of  105.00  from holding Asure Software or generate 12.14% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy66.67%
ValuesDaily Returns

Asure Software  vs.  AMGEN INC 64

 Performance 
       Timeline  
Asure Software 

Risk-Adjusted Performance

3 of 100

 
Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in Asure Software are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Even with relatively abnormal basic indicators, Asure Software may actually be approaching a critical reversion point that can send shares even higher in January 2025.
AMGEN INC 64 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days AMGEN INC 64 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, AMGEN is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Asure Software and AMGEN Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Asure Software and AMGEN

The main advantage of trading using opposite Asure Software and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asure Software 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.
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The idea behind Asure Software and AMGEN INC 64 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..

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