Correlation Between Grupo Carso and Amgen
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By analyzing existing cross correlation between Grupo Carso SAB and Amgen Inc, you can compare the effects of market volatilities on Grupo Carso and Amgen 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 Grupo Carso with a short position of Amgen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Carso and Amgen.
Diversification Opportunities for Grupo Carso and Amgen
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Grupo and Amgen is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Carso SAB and Amgen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amgen Inc and Grupo Carso 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 Grupo Carso SAB are associated (or correlated) with Amgen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amgen Inc has no effect on the direction of Grupo Carso i.e., Grupo Carso and Amgen go up and down completely randomly.
Pair Corralation between Grupo Carso and Amgen
Assuming the 90 days trading horizon Grupo Carso SAB is expected to generate 1.43 times more return on investment than Amgen. However, Grupo Carso is 1.43 times more volatile than Amgen Inc. It trades about 0.04 of its potential returns per unit of risk. Amgen Inc is currently generating about 0.05 per unit of risk. If you would invest 9,110 in Grupo Carso SAB on November 2, 2024 and sell it today you would earn a total of 2,908 from holding Grupo Carso SAB or generate 31.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Carso SAB vs. Amgen Inc
Performance |
| Timeline |
| Grupo Carso SAB |
| Amgen Inc |
Grupo Carso and Amgen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Carso and Amgen
The main advantage of trading using opposite Grupo Carso and Amgen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Carso position performs unexpectedly, Amgen 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 Amgen will offset losses from the drop in Amgen's long position.| Grupo Carso vs. Grupo Financiero Inbursa | Grupo Carso vs. Alfa SAB de | Grupo Carso vs. Kimberly Clark de Mxico | Grupo Carso vs. Grupo Televisa SAB |
| Amgen vs. New Oriental Education | Amgen vs. Grupo Carso SAB | Amgen vs. GMxico Transportes SAB | Amgen vs. Monster Beverage Corp |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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