Correlation Between AMCON Distributing and INTERNATIONAL
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By analyzing existing cross correlation between AMCON Distributing and INTERNATIONAL PAPER 44, you can compare the effects of market volatilities on AMCON Distributing and INTERNATIONAL 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 INTERNATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMCON Distributing and INTERNATIONAL.
Diversification Opportunities for AMCON Distributing and INTERNATIONAL
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AMCON and INTERNATIONAL is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding AMCON Distributing and INTERNATIONAL PAPER 44 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERNATIONAL PAPER 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 INTERNATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERNATIONAL PAPER has no effect on the direction of AMCON Distributing i.e., AMCON Distributing and INTERNATIONAL go up and down completely randomly.
Pair Corralation between AMCON Distributing and INTERNATIONAL
Considering the 90-day investment horizon AMCON Distributing is expected to generate 2.04 times more return on investment than INTERNATIONAL. However, AMCON Distributing is 2.04 times more volatile than INTERNATIONAL PAPER 44. It trades about -0.01 of its potential returns per unit of risk. INTERNATIONAL PAPER 44 is currently generating about -0.15 per unit of risk. If you would invest 14,175 in AMCON Distributing on September 3, 2024 and sell it today you would lose (768.00) from holding AMCON Distributing or give up 5.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 46.77% |
| Values | Daily Returns |
AMCON Distributing vs. INTERNATIONAL PAPER 44
Performance |
| Timeline |
| AMCON Distributing |
| INTERNATIONAL PAPER |
AMCON Distributing and INTERNATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMCON Distributing and INTERNATIONAL
The main advantage of trading using opposite AMCON Distributing and INTERNATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMCON Distributing position performs unexpectedly, INTERNATIONAL 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 INTERNATIONAL will offset losses from the drop in INTERNATIONAL'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 |
| INTERNATIONAL vs. Marfrig Global Foods | INTERNATIONAL vs. Nextnav Acquisition Corp | INTERNATIONAL vs. SunOpta | INTERNATIONAL vs. AMCON Distributing |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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