Correlation Between AMCON Distributing and 28622HAA9
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By analyzing existing cross correlation between AMCON Distributing and ELV 49 08 FEB 26, you can compare the effects of market volatilities on AMCON Distributing and 28622HAA9 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 28622HAA9. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMCON Distributing and 28622HAA9.
Diversification Opportunities for AMCON Distributing and 28622HAA9
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between AMCON and 28622HAA9 is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding AMCON Distributing and ELV 49 08 FEB 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ELV 49 08 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 28622HAA9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ELV 49 08 has no effect on the direction of AMCON Distributing i.e., AMCON Distributing and 28622HAA9 go up and down completely randomly.
Pair Corralation between AMCON Distributing and 28622HAA9
Considering the 90-day investment horizon AMCON Distributing is expected to under-perform the 28622HAA9. In addition to that, AMCON Distributing is 24.33 times more volatile than ELV 49 08 FEB 26. It trades about -0.04 of its total potential returns per unit of risk. ELV 49 08 FEB 26 is currently generating about -0.05 per unit of volatility. If you would invest 10,019 in ELV 49 08 FEB 26 on August 26, 2024 and sell it today you would lose (24.00) from holding ELV 49 08 FEB 26 or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AMCON Distributing vs. ELV 49 08 FEB 26
Performance |
| Timeline |
| AMCON Distributing |
| ELV 49 08 |
AMCON Distributing and 28622HAA9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMCON Distributing and 28622HAA9
The main advantage of trading using opposite AMCON Distributing and 28622HAA9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMCON Distributing position performs unexpectedly, 28622HAA9 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 28622HAA9 will offset losses from the drop in 28622HAA9'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 |
| 28622HAA9 vs. Afya | 28622HAA9 vs. AMCON Distributing | 28622HAA9 vs. Lincoln Educational Services | 28622HAA9 vs. Scholastic |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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