Correlation Between AMCON Distributing and MUNRE
Specify exactly 2 symbols:
By analyzing existing cross correlation between AMCON Distributing and MUNRE 5875 23 MAY 42, you can compare the effects of market volatilities on AMCON Distributing and MUNRE 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 MUNRE. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMCON Distributing and MUNRE.
Diversification Opportunities for AMCON Distributing and MUNRE
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between AMCON and MUNRE is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding AMCON Distributing and MUNRE 5875 23 MAY 42 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUNRE 5875 23 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 MUNRE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUNRE 5875 23 has no effect on the direction of AMCON Distributing i.e., AMCON Distributing and MUNRE go up and down completely randomly.
Pair Corralation between AMCON Distributing and MUNRE
Considering the 90-day investment horizon AMCON Distributing is expected to generate 15.39 times more return on investment than MUNRE. However, AMCON Distributing is 15.39 times more volatile than MUNRE 5875 23 MAY 42. It trades about 0.01 of its potential returns per unit of risk. MUNRE 5875 23 MAY 42 is currently generating about 0.02 per unit of risk. If you would invest 12,800 in AMCON Distributing on November 3, 2024 and sell it today you would lose (50.00) from holding AMCON Distributing or give up 0.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 28.57% |
| Values | Daily Returns |
AMCON Distributing vs. MUNRE 5875 23 MAY 42
Performance |
| Timeline |
| AMCON Distributing |
| MUNRE 5875 23 |
AMCON Distributing and MUNRE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMCON Distributing and MUNRE
The main advantage of trading using opposite AMCON Distributing and MUNRE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMCON Distributing position performs unexpectedly, MUNRE 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 MUNRE will offset losses from the drop in MUNRE'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 |
| MUNRE vs. TRI Pointe Homes | MUNRE vs. Aris Water Solutions | MUNRE vs. Autohome | MUNRE vs. Orion Office Reit |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |