Correlation Between Brunswick and AMGEN
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By analyzing existing cross correlation between Brunswick and AMGEN INC 3125, you can compare the effects of market volatilities on Brunswick 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 Brunswick with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brunswick and AMGEN.
Diversification Opportunities for Brunswick and AMGEN
Very weak diversification
The 3 months correlation between Brunswick and AMGEN is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Brunswick and AMGEN INC 3125 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 3125 and Brunswick 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 Brunswick 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 3125 has no effect on the direction of Brunswick i.e., Brunswick and AMGEN go up and down completely randomly.
Pair Corralation between Brunswick and AMGEN
Allowing for the 90-day total investment horizon Brunswick is expected to under-perform the AMGEN. In addition to that, Brunswick is 7.34 times more volatile than AMGEN INC 3125. It trades about -0.04 of its total potential returns per unit of risk. AMGEN INC 3125 is currently generating about 0.01 per unit of volatility. If you would invest 9,729 in AMGEN INC 3125 on September 14, 2024 and sell it today you would earn a total of 57.00 from holding AMGEN INC 3125 or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.8% |
| Values | Daily Returns |
Brunswick vs. AMGEN INC 3125
Performance |
| Timeline |
| Brunswick |
| AMGEN INC 3125 |
Brunswick and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Brunswick and AMGEN
The main advantage of trading using opposite Brunswick and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brunswick 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.| Brunswick vs. Clarus Corp | Brunswick vs. Johnson Outdoors | Brunswick vs. JAKKS Pacific | Brunswick vs. OneSpaWorld Holdings |
| AMGEN vs. Ecovyst | AMGEN vs. The Mosaic | AMGEN vs. Sonida Senior Living | AMGEN vs. Centessa Pharmaceuticals PLC |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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