Correlation Between JBG SMITH and AMGEN
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By analyzing existing cross correlation between JBG SMITH Properties and AMGEN INC 515, you can compare the effects of market volatilities on JBG SMITH 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 JBG SMITH with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of JBG SMITH and AMGEN.
Diversification Opportunities for JBG SMITH and AMGEN
Weak diversification
The 3 months correlation between JBG and AMGEN is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding JBG SMITH Properties and AMGEN INC 515 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 515 and JBG SMITH 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 JBG SMITH Properties 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 515 has no effect on the direction of JBG SMITH i.e., JBG SMITH and AMGEN go up and down completely randomly.
Pair Corralation between JBG SMITH and AMGEN
Given the investment horizon of 90 days JBG SMITH is expected to generate 1.25 times less return on investment than AMGEN. In addition to that, JBG SMITH is 1.52 times more volatile than AMGEN INC 515. It trades about 0.04 of its total potential returns per unit of risk. AMGEN INC 515 is currently generating about 0.08 per unit of volatility. If you would invest 9,631 in AMGEN INC 515 on September 1, 2024 and sell it today you would earn a total of 224.00 from holding AMGEN INC 515 or generate 2.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
JBG SMITH Properties vs. AMGEN INC 515
Performance |
| Timeline |
| JBG SMITH Properties |
| AMGEN INC 515 |
JBG SMITH and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JBG SMITH and AMGEN
The main advantage of trading using opposite JBG SMITH and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JBG SMITH 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.| JBG SMITH vs. Cousins Properties Incorporated | JBG SMITH vs. Highwoods Properties | JBG SMITH vs. Douglas Emmett | JBG SMITH vs. Equity Commonwealth |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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