Correlation Between Amplify Thematic and 26441CBM6
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By analyzing existing cross correlation between Amplify Thematic All Stars and DUKE ENERGY P, you can compare the effects of market volatilities on Amplify Thematic and 26441CBM6 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 Thematic with a short position of 26441CBM6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amplify Thematic and 26441CBM6.
Diversification Opportunities for Amplify Thematic and 26441CBM6
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Amplify and 26441CBM6 is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Amplify Thematic All Stars and DUKE ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUKE ENERGY P and Amplify Thematic 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 Thematic All Stars are associated (or correlated) with 26441CBM6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUKE ENERGY P has no effect on the direction of Amplify Thematic i.e., Amplify Thematic and 26441CBM6 go up and down completely randomly.
Pair Corralation between Amplify Thematic and 26441CBM6
Given the investment horizon of 90 days Amplify Thematic is expected to generate 95.8 times less return on investment than 26441CBM6. But when comparing it to its historical volatility, Amplify Thematic All Stars is 65.51 times less risky than 26441CBM6. It trades about 0.06 of its potential returns per unit of risk. DUKE ENERGY P is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 7,163 in DUKE ENERGY P on November 28, 2024 and sell it today you would earn a total of 368.00 from holding DUKE ENERGY P or generate 5.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 89.68% |
| Values | Daily Returns |
Amplify Thematic All Stars vs. DUKE ENERGY P
Performance |
| Timeline |
| Amplify Thematic All |
| DUKE ENERGY P |
Amplify Thematic and 26441CBM6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amplify Thematic and 26441CBM6
The main advantage of trading using opposite Amplify Thematic and 26441CBM6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amplify Thematic position performs unexpectedly, 26441CBM6 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 26441CBM6 will offset losses from the drop in 26441CBM6's long position.| Amplify Thematic vs. Amplify BlackSwan ISWN | Amplify Thematic vs. Global X Thematic | Amplify Thematic vs. Virtus ETF Trust |
| 26441CBM6 vs. Sonida Senior Living | 26441CBM6 vs. Franklin Wireless Corp | 26441CBM6 vs. Neogen | 26441CBM6 vs. Regeneron Pharmaceuticals |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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