Correlation Between Citius Oncology, and Amphastar
Can any of the company-specific risk be diversified away by investing in both Citius Oncology, and Amphastar 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 Citius Oncology, and Amphastar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citius Oncology, and Amphastar P, you can compare the effects of market volatilities on Citius Oncology, and Amphastar 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 Citius Oncology, with a short position of Amphastar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citius Oncology, and Amphastar.
Diversification Opportunities for Citius Oncology, and Amphastar
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citius and Amphastar is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Citius Oncology, and Amphastar P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amphastar P and Citius Oncology, 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 Citius Oncology, are associated (or correlated) with Amphastar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amphastar P has no effect on the direction of Citius Oncology, i.e., Citius Oncology, and Amphastar go up and down completely randomly.
Pair Corralation between Citius Oncology, and Amphastar
Given the investment horizon of 90 days Citius Oncology, is expected to generate 3.91 times more return on investment than Amphastar. However, Citius Oncology, is 3.91 times more volatile than Amphastar P. It trades about 0.1 of its potential returns per unit of risk. Amphastar P is currently generating about -0.2 per unit of risk. If you would invest 59.00 in Citius Oncology, on January 14, 2025 and sell it today you would earn a total of 8.10 from holding Citius Oncology, or generate 13.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citius Oncology, vs. Amphastar P
Performance |
| Timeline |
| Citius Oncology, |
| Amphastar P |
Citius Oncology, and Amphastar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citius Oncology, and Amphastar
The main advantage of trading using opposite Citius Oncology, and Amphastar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citius Oncology, position performs unexpectedly, Amphastar 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 Amphastar will offset losses from the drop in Amphastar's long position.| Citius Oncology, vs. Vacasa Inc | Citius Oncology, vs. Schweiter Technologies AG | Citius Oncology, vs. NETGEAR | Citius Oncology, vs. Senmiao Technology |
| Amphastar vs. Collegium Pharmaceutical | Amphastar vs. Alkermes Plc | Amphastar vs. Evolus Inc | Amphastar vs. Neurocrine Biosciences |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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