Correlation Between NISSIN FOODS and AMPLITUDE SURGIC
Can any of the company-specific risk be diversified away by investing in both NISSIN FOODS and AMPLITUDE SURGIC 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 NISSIN FOODS and AMPLITUDE SURGIC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NISSIN FOODS HLDGS and AMPLITUDE SURGIC EO, you can compare the effects of market volatilities on NISSIN FOODS and AMPLITUDE SURGIC 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 NISSIN FOODS with a short position of AMPLITUDE SURGIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of NISSIN FOODS and AMPLITUDE SURGIC.
Diversification Opportunities for NISSIN FOODS and AMPLITUDE SURGIC
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NISSIN and AMPLITUDE is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding NISSIN FOODS HLDGS and AMPLITUDE SURGIC EO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMPLITUDE SURGIC and NISSIN FOODS 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 NISSIN FOODS HLDGS are associated (or correlated) with AMPLITUDE SURGIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMPLITUDE SURGIC has no effect on the direction of NISSIN FOODS i.e., NISSIN FOODS and AMPLITUDE SURGIC go up and down completely randomly.
Pair Corralation between NISSIN FOODS and AMPLITUDE SURGIC
Assuming the 90 days trading horizon NISSIN FOODS HLDGS is expected to under-perform the AMPLITUDE SURGIC. But the stock apears to be less risky and, when comparing its historical volatility, NISSIN FOODS HLDGS is 3.91 times less risky than AMPLITUDE SURGIC. The stock trades about -0.07 of its potential returns per unit of risk. The AMPLITUDE SURGIC EO is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 304.00 in AMPLITUDE SURGIC EO on January 15, 2025 and sell it today you would earn a total of 291.00 from holding AMPLITUDE SURGIC EO or generate 95.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.4% |
| Values | Daily Returns |
NISSIN FOODS HLDGS vs. AMPLITUDE SURGIC EO
Performance |
| Timeline |
| NISSIN FOODS HLDGS |
| AMPLITUDE SURGIC |
NISSIN FOODS and AMPLITUDE SURGIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NISSIN FOODS and AMPLITUDE SURGIC
The main advantage of trading using opposite NISSIN FOODS and AMPLITUDE SURGIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NISSIN FOODS position performs unexpectedly, AMPLITUDE SURGIC 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 AMPLITUDE SURGIC will offset losses from the drop in AMPLITUDE SURGIC's long position.| NISSIN FOODS vs. Apple Inc | NISSIN FOODS vs. Apple Inc | NISSIN FOODS vs. Apple Inc | NISSIN FOODS vs. Apple Inc |
| AMPLITUDE SURGIC vs. CVW CLEANTECH INC | AMPLITUDE SURGIC vs. SALESFORCE INC CDR | AMPLITUDE SURGIC vs. ALERION CLEANPOWER | AMPLITUDE SURGIC vs. Endeavour Mining PLC |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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