Correlation Between NYSE Composite and AMPHENOL
Specify exactly 2 symbols:
By analyzing existing cross correlation between NYSE Composite and AMPHENOL P NEW, you can compare the effects of market volatilities on NYSE Composite and AMPHENOL 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 NYSE Composite with a short position of AMPHENOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and AMPHENOL.
Diversification Opportunities for NYSE Composite and AMPHENOL
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NYSE and AMPHENOL is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and AMPHENOL P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMPHENOL P NEW and NYSE Composite 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 NYSE Composite are associated (or correlated) with AMPHENOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMPHENOL P NEW has no effect on the direction of NYSE Composite i.e., NYSE Composite and AMPHENOL go up and down completely randomly.
Pair Corralation between NYSE Composite and AMPHENOL
Assuming the 90 days trading horizon NYSE Composite is expected to generate 1.46 times more return on investment than AMPHENOL. However, NYSE Composite is 1.46 times more volatile than AMPHENOL P NEW. It trades about 0.08 of its potential returns per unit of risk. AMPHENOL P NEW is currently generating about 0.01 per unit of risk. If you would invest 1,557,252 in NYSE Composite on November 9, 2024 and sell it today you would earn a total of 458,506 from holding NYSE Composite or generate 29.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 93.31% |
| Values | Daily Returns |
NYSE Composite vs. AMPHENOL P NEW
Performance |
| Timeline |
NYSE Composite and AMPHENOL Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
AMPHENOL P NEW
Pair trading matchups for AMPHENOL
Pair Trading with NYSE Composite and AMPHENOL
The main advantage of trading using opposite NYSE Composite and AMPHENOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, AMPHENOL 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 AMPHENOL will offset losses from the drop in AMPHENOL's long position.| NYSE Composite vs. Integrated Media Technology | NYSE Composite vs. Custom Truck One | NYSE Composite vs. Funko Inc | NYSE Composite vs. Multi Ways Holdings |
| AMPHENOL vs. Nasdaq Inc | AMPHENOL vs. Small Cap Premium | AMPHENOL vs. Enzyme Environmental Solutions | AMPHENOL vs. Nippon Steel Corp |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |