Correlation Between BigBearai Holdings and AMGEN
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By analyzing existing cross correlation between BigBearai Holdings and AMGEN INC, you can compare the effects of market volatilities on BigBearai Holdings 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 BigBearai Holdings with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and AMGEN.
Diversification Opportunities for BigBearai Holdings and AMGEN
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BigBearai and AMGEN is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and AMGEN INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC and BigBearai Holdings 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 BigBearai Holdings 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 has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and AMGEN go up and down completely randomly.
Pair Corralation between BigBearai Holdings and AMGEN
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 20.04 times more return on investment than AMGEN. However, BigBearai Holdings is 20.04 times more volatile than AMGEN INC. It trades about 0.14 of its potential returns per unit of risk. AMGEN INC is currently generating about -0.17 per unit of risk. If you would invest 191.00 in BigBearai Holdings on September 13, 2024 and sell it today you would earn a total of 83.00 from holding BigBearai Holdings or generate 43.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 93.02% |
| Values | Daily Returns |
BigBearai Holdings vs. AMGEN INC
Performance |
| Timeline |
| BigBearai Holdings |
| AMGEN INC |
BigBearai Holdings and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and AMGEN
The main advantage of trading using opposite BigBearai Holdings and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings 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.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
| AMGEN vs. Transocean | AMGEN vs. Digi International | AMGEN vs. Tesla Inc | AMGEN vs. Integrated Drilling Equipment |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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