Correlation Between Elbit Imaging and Amplitude
Can any of the company-specific risk be diversified away by investing in both Elbit Imaging and Amplitude 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 Elbit Imaging and Amplitude into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elbit Imaging and Amplitude, you can compare the effects of market volatilities on Elbit Imaging and Amplitude 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 Elbit Imaging with a short position of Amplitude. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elbit Imaging and Amplitude.
Diversification Opportunities for Elbit Imaging and Amplitude
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Elbit and Amplitude is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Elbit Imaging and Amplitude in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amplitude and Elbit Imaging 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 Elbit Imaging are associated (or correlated) with Amplitude. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amplitude has no effect on the direction of Elbit Imaging i.e., Elbit Imaging and Amplitude go up and down completely randomly.
Pair Corralation between Elbit Imaging and Amplitude
If you would invest 921.00 in Amplitude on August 31, 2024 and sell it today you would earn a total of 123.00 from holding Amplitude or generate 13.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Elbit Imaging vs. Amplitude
Performance |
| Timeline |
| Elbit Imaging |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Amplitude |
Elbit Imaging and Amplitude Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elbit Imaging and Amplitude
The main advantage of trading using opposite Elbit Imaging and Amplitude positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elbit Imaging position performs unexpectedly, Amplitude 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 Amplitude will offset losses from the drop in Amplitude's long position.| Elbit Imaging vs. Edwards Lifesciences Corp | Elbit Imaging vs. Medtronic PLC | Elbit Imaging vs. Abbott Laboratories | Elbit Imaging vs. Boston Scientific Corp |
| Amplitude vs. CS Disco LLC | Amplitude vs. Expensify | Amplitude vs. VTEX | Amplitude vs. Forge Global Holdings |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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