Correlation Between AMREP and BRISTOL
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By analyzing existing cross correlation between AMREP and BRISTOL MYERS SQUIBB CO, you can compare the effects of market volatilities on AMREP and BRISTOL 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 AMREP with a short position of BRISTOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMREP and BRISTOL.
Diversification Opportunities for AMREP and BRISTOL
Good diversification
The 3 months correlation between AMREP and BRISTOL is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding AMREP and BRISTOL MYERS SQUIBB CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRISTOL MYERS SQUIBB and AMREP 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 AMREP are associated (or correlated) with BRISTOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BRISTOL MYERS SQUIBB has no effect on the direction of AMREP i.e., AMREP and BRISTOL go up and down completely randomly.
Pair Corralation between AMREP and BRISTOL
Considering the 90-day investment horizon AMREP is expected to generate 1.0 times less return on investment than BRISTOL. In addition to that, AMREP is 1.77 times more volatile than BRISTOL MYERS SQUIBB CO. It trades about 0.13 of its total potential returns per unit of risk. BRISTOL MYERS SQUIBB CO is currently generating about 0.23 per unit of volatility. If you would invest 9,428 in BRISTOL MYERS SQUIBB CO on September 15, 2024 and sell it today you would earn a total of 986.00 from holding BRISTOL MYERS SQUIBB CO or generate 10.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AMREP vs. BRISTOL MYERS SQUIBB CO
Performance |
| Timeline |
| AMREP |
| BRISTOL MYERS SQUIBB |
AMREP and BRISTOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMREP and BRISTOL
The main advantage of trading using opposite AMREP and BRISTOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMREP position performs unexpectedly, BRISTOL 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 BRISTOL will offset losses from the drop in BRISTOL's long position.| AMREP vs. Landsea Homes Corp | AMREP vs. Forestar Group | AMREP vs. Five Point Holdings | AMREP vs. American Realty Investors |
| BRISTOL vs. Acco Brands | BRISTOL vs. Universal Technical Institute | BRISTOL vs. SEI Investments | BRISTOL vs. AMREP |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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