Correlation Between Mast Global and Amplify ETF
Can any of the company-specific risk be diversified away by investing in both Mast Global and Amplify ETF 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 Mast Global and Amplify ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mast Global Battery and Amplify ETF Trust, you can compare the effects of market volatilities on Mast Global and Amplify ETF 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 Mast Global with a short position of Amplify ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mast Global and Amplify ETF.
Diversification Opportunities for Mast Global and Amplify ETF
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mast and Amplify is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Mast Global Battery and Amplify ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amplify ETF Trust and Mast Global 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 Mast Global Battery are associated (or correlated) with Amplify ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amplify ETF Trust has no effect on the direction of Mast Global i.e., Mast Global and Amplify ETF go up and down completely randomly.
Pair Corralation between Mast Global and Amplify ETF
Allowing for the 90-day total investment horizon Mast Global Battery is expected to generate 0.35 times more return on investment than Amplify ETF. However, Mast Global Battery is 2.86 times less risky than Amplify ETF. It trades about 0.05 of its potential returns per unit of risk. Amplify ETF Trust is currently generating about -0.01 per unit of risk. If you would invest 2,251 in Mast Global Battery on August 28, 2024 and sell it today you would earn a total of 290.00 from holding Mast Global Battery or generate 12.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mast Global Battery vs. Amplify ETF Trust
Performance |
| Timeline |
| Mast Global Battery |
| Amplify ETF Trust |
Mast Global and Amplify ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mast Global and Amplify ETF
The main advantage of trading using opposite Mast Global and Amplify ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mast Global position performs unexpectedly, Amplify ETF 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 Amplify ETF will offset losses from the drop in Amplify ETF's long position.| Mast Global vs. iShares Dividend and | Mast Global vs. Martin Currie Sustainable | Mast Global vs. VictoryShares THB Mid | Mast Global vs. AdvisorShares Gerber Kawasaki |
| Amplify ETF vs. Cronos Group | Amplify ETF vs. AdvisorShares Pure Cannabis | Amplify ETF vs. Canopy Growth Corp | Amplify ETF vs. Curaleaf 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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