Correlation Between AMCON Distributing and GBLATL
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By analyzing existing cross correlation between AMCON Distributing and GBLATL 1625 15 JAN 26, you can compare the effects of market volatilities on AMCON Distributing and GBLATL 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 GBLATL. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMCON Distributing and GBLATL.
Diversification Opportunities for AMCON Distributing and GBLATL
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AMCON and GBLATL is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding AMCON Distributing and GBLATL 1625 15 JAN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GBLATL 1625 15 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 GBLATL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GBLATL 1625 15 has no effect on the direction of AMCON Distributing i.e., AMCON Distributing and GBLATL go up and down completely randomly.
Pair Corralation between AMCON Distributing and GBLATL
Considering the 90-day investment horizon AMCON Distributing is expected to generate 3.05 times more return on investment than GBLATL. However, AMCON Distributing is 3.05 times more volatile than GBLATL 1625 15 JAN 26. It trades about 0.01 of its potential returns per unit of risk. GBLATL 1625 15 JAN 26 is currently generating about -0.05 per unit of risk. If you would invest 14,063 in AMCON Distributing on September 2, 2024 and sell it today you would lose (656.00) from holding AMCON Distributing or give up 4.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 51.22% |
| Values | Daily Returns |
AMCON Distributing vs. GBLATL 1625 15 JAN 26
Performance |
| Timeline |
| AMCON Distributing |
| GBLATL 1625 15 |
AMCON Distributing and GBLATL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMCON Distributing and GBLATL
The main advantage of trading using opposite AMCON Distributing and GBLATL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMCON Distributing position performs unexpectedly, GBLATL 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 GBLATL will offset losses from the drop in GBLATL's long position.| AMCON Distributing vs. Steven Madden | AMCON Distributing vs. Vera Bradley | AMCON Distributing vs. Caleres | AMCON Distributing vs. Wolverine World Wide |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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