Correlation Between Intel and AMGEN
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By analyzing existing cross correlation between Intel and AMGEN INC 44, you can compare the effects of market volatilities on Intel 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 Intel with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and AMGEN.
Diversification Opportunities for Intel and AMGEN
Excellent diversification
The 3 months correlation between Intel and AMGEN is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Intel and AMGEN INC 44 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 44 and Intel 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 Intel 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 44 has no effect on the direction of Intel i.e., Intel and AMGEN go up and down completely randomly.
Pair Corralation between Intel and AMGEN
Given the investment horizon of 90 days Intel is expected to generate 154.34 times less return on investment than AMGEN. But when comparing it to its historical volatility, Intel is 16.07 times less risky than AMGEN. It trades about 0.0 of its potential returns per unit of risk. AMGEN INC 44 is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,013 in AMGEN INC 44 on August 29, 2024 and sell it today you would lose (392.00) from holding AMGEN INC 44 or give up 4.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.78% |
| Values | Daily Returns |
Intel vs. AMGEN INC 44
Performance |
| Timeline |
| Intel |
| AMGEN INC 44 |
Intel and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and AMGEN
The main advantage of trading using opposite Intel and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel 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.| Intel vs. ABIVAX Socit Anonyme | Intel vs. Morningstar Unconstrained Allocation | Intel vs. SPACE | Intel vs. Knife River |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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