Correlation Between Perseus Mining and AMGEN
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By analyzing existing cross correlation between Perseus Mining Limited and AMGEN INC, you can compare the effects of market volatilities on Perseus Mining 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 Perseus Mining with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and AMGEN.
Diversification Opportunities for Perseus Mining and AMGEN
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Perseus and AMGEN is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and AMGEN INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC and Perseus Mining 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 Perseus Mining Limited 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 Perseus Mining i.e., Perseus Mining and AMGEN go up and down completely randomly.
Pair Corralation between Perseus Mining and AMGEN
Assuming the 90 days horizon Perseus Mining Limited is expected to generate 3.18 times more return on investment than AMGEN. However, Perseus Mining is 3.18 times more volatile than AMGEN INC. It trades about 0.07 of its potential returns per unit of risk. AMGEN INC is currently generating about -0.03 per unit of risk. If you would invest 118.00 in Perseus Mining Limited on September 14, 2024 and sell it today you would earn a total of 62.00 from holding Perseus Mining Limited or generate 52.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 83.81% |
| Values | Daily Returns |
Perseus Mining Limited vs. AMGEN INC
Performance |
| Timeline |
| Perseus Mining |
| AMGEN INC |
Perseus Mining and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and AMGEN
The main advantage of trading using opposite Perseus Mining and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining 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.| Perseus Mining vs. Aurion Resources | Perseus Mining vs. Liberty Gold Corp | Perseus Mining vs. Rio2 Limited | Perseus Mining vs. Orezone Gold Corp |
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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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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