Correlation Between AMCON Distributing and Gamer Pakistan
Can any of the company-specific risk be diversified away by investing in both AMCON Distributing and Gamer Pakistan 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 AMCON Distributing and Gamer Pakistan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AMCON Distributing and Gamer Pakistan Common, you can compare the effects of market volatilities on AMCON Distributing and Gamer Pakistan 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 AMCON Distributing with a short position of Gamer Pakistan. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMCON Distributing and Gamer Pakistan.
Diversification Opportunities for AMCON Distributing and Gamer Pakistan
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AMCON and Gamer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AMCON Distributing and Gamer Pakistan Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gamer Pakistan Common and AMCON Distributing 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 AMCON Distributing are associated (or correlated) with Gamer Pakistan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gamer Pakistan Common has no effect on the direction of AMCON Distributing i.e., AMCON Distributing and Gamer Pakistan go up and down completely randomly.
Pair Corralation between AMCON Distributing and Gamer Pakistan
If you would invest 13,456 in AMCON Distributing on November 27, 2024 and sell it today you would lose (356.00) from holding AMCON Distributing or give up 2.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
AMCON Distributing vs. Gamer Pakistan Common
Performance |
| Timeline |
| AMCON Distributing |
| Gamer Pakistan Common |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
AMCON Distributing and Gamer Pakistan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMCON Distributing and Gamer Pakistan
The main advantage of trading using opposite AMCON Distributing and Gamer Pakistan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMCON Distributing position performs unexpectedly, Gamer Pakistan 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 Gamer Pakistan will offset losses from the drop in Gamer Pakistan's long position.| AMCON Distributing vs. The Chefs Warehouse | AMCON Distributing vs. G Willi Food International | AMCON Distributing vs. SpartanNash Co | AMCON Distributing vs. Calavo Growers |
| Gamer Pakistan vs. Dow Inc | Gamer Pakistan vs. Falcon Metals Limited | Gamer Pakistan vs. Eastman Chemical | Gamer Pakistan vs. Alto Ingredients |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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