Correlation Between Paltalk and AMGEN
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By analyzing existing cross correlation between Paltalk and AMGEN INC, you can compare the effects of market volatilities on Paltalk 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 Paltalk with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Paltalk and AMGEN.
Diversification Opportunities for Paltalk and AMGEN
Very weak diversification
The 3 months correlation between Paltalk and AMGEN is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Paltalk and AMGEN INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC and Paltalk 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 Paltalk 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 Paltalk i.e., Paltalk and AMGEN go up and down completely randomly.
Pair Corralation between Paltalk and AMGEN
Given the investment horizon of 90 days Paltalk is expected to generate 22.05 times more return on investment than AMGEN. However, Paltalk is 22.05 times more volatile than AMGEN INC. It trades about 0.04 of its potential returns per unit of risk. AMGEN INC is currently generating about 0.02 per unit of risk. If you would invest 173.00 in Paltalk on September 14, 2024 and sell it today you would earn a total of 9.00 from holding Paltalk or generate 5.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.63% |
| Values | Daily Returns |
Paltalk vs. AMGEN INC
Performance |
| Timeline |
| Paltalk |
| AMGEN INC |
Paltalk and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Paltalk and AMGEN
The main advantage of trading using opposite Paltalk and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Paltalk 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.| Paltalk vs. Dave Warrants | Paltalk vs. Swvl Holdings Corp | Paltalk vs. Guardforce AI Co | Paltalk vs. Thayer Ventures Acquisition |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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