Correlation Between Omni Health and AMGEN
Specify exactly 2 symbols:
By analyzing existing cross correlation between Omni Health and AMGEN INC, you can compare the effects of market volatilities on Omni Health 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 Omni Health with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omni Health and AMGEN.
Diversification Opportunities for Omni Health and AMGEN
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Omni and AMGEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Omni Health and AMGEN INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC and Omni Health 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 Omni Health 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 has no effect on the direction of Omni Health i.e., Omni Health and AMGEN go up and down completely randomly.
Pair Corralation between Omni Health and AMGEN
Given the investment horizon of 90 days Omni Health is expected to generate 188.16 times more return on investment than AMGEN. However, Omni Health is 188.16 times more volatile than AMGEN INC. It trades about 0.21 of its potential returns per unit of risk. AMGEN INC is currently generating about -0.21 per unit of risk. If you would invest 0.00 in Omni Health on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Omni Health or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omni Health vs. AMGEN INC
Performance |
| Timeline |
| Omni Health |
| AMGEN INC |
Omni Health and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omni Health and AMGEN
The main advantage of trading using opposite Omni Health and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omni Health 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.| Omni Health vs. Embotelladora Andina SA | Omni Health vs. Signet International Holdings | Omni Health vs. National Beverage Corp | Omni Health vs. PT Astra International |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |