Correlation Between Comstock Holding and AMGEN
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By analyzing existing cross correlation between Comstock Holding Companies and AMGEN INC 64, you can compare the effects of market volatilities on Comstock Holding 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 Comstock Holding with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comstock Holding and AMGEN.
Diversification Opportunities for Comstock Holding and AMGEN
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Comstock and AMGEN is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Comstock Holding Companies 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 Comstock Holding 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 Comstock Holding Companies 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 Comstock Holding i.e., Comstock Holding and AMGEN go up and down completely randomly.
Pair Corralation between Comstock Holding and AMGEN
Given the investment horizon of 90 days Comstock Holding is expected to generate 11.04 times less return on investment than AMGEN. But when comparing it to its historical volatility, Comstock Holding Companies is 13.78 times less risky than AMGEN. It trades about 0.06 of its potential returns per unit of risk. AMGEN INC 64 is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 10,622 in AMGEN INC 64 on September 14, 2024 and sell it today you would earn a total of 187.00 from holding AMGEN INC 64 or generate 1.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 73.08% |
| Values | Daily Returns |
Comstock Holding Companies vs. AMGEN INC 64
Performance |
| Timeline |
| Comstock Holding Com |
| AMGEN INC 64 |
Comstock Holding and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comstock Holding and AMGEN
The main advantage of trading using opposite Comstock Holding and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comstock Holding 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.| Comstock Holding vs. St Joe Company | Comstock Holding vs. Stratus Properties | Comstock Holding vs. Mitsui Fudosan Co | Comstock Holding vs. New World Development |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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