Correlation Between Amplify and ProShares Online

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Can any of the company-specific risk be diversified away by investing in both Amplify and ProShares Online 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 Amplify and ProShares Online into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amplify and ProShares Online Retail, you can compare the effects of market volatilities on Amplify and ProShares Online 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 Amplify with a short position of ProShares Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amplify and ProShares Online.

Diversification Opportunities for Amplify and ProShares Online

0.11
  Correlation Coefficient

Average diversification

The 3 months correlation between Amplify and ProShares is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Amplify and ProShares Online Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares Online Retail and Amplify 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 Amplify are associated (or correlated) with ProShares Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares Online Retail has no effect on the direction of Amplify i.e., Amplify and ProShares Online go up and down completely randomly.

Pair Corralation between Amplify and ProShares Online

If you would invest  4,533  in ProShares Online Retail on August 31, 2024 and sell it today you would earn a total of  94.83  from holding ProShares Online Retail or generate 2.09% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy4.55%
ValuesDaily Returns

Amplify  vs.  ProShares Online Retail

 Performance 
       Timeline  
Amplify 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Amplify has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest weak performance, the Etf's basic indicators remain healthy and the recent disarray on Wall Street may also be a sign of long period gains for the ETF investors.
ProShares Online Retail 

Risk-Adjusted Performance

15 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in ProShares Online Retail are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of very weak essential indicators, ProShares Online displayed solid returns over the last few months and may actually be approaching a breakup point.

Amplify and ProShares Online Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Amplify and ProShares Online

The main advantage of trading using opposite Amplify and ProShares Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amplify position performs unexpectedly, ProShares Online 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 ProShares Online will offset losses from the drop in ProShares Online's long position.
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The idea behind Amplify and ProShares Online Retail pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.

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