Correlation Between Sabra Healthcare and AMGEN
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By analyzing existing cross correlation between Sabra Healthcare REIT and AMGEN INC 44, you can compare the effects of market volatilities on Sabra Healthcare 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 Sabra Healthcare with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sabra Healthcare and AMGEN.
Diversification Opportunities for Sabra Healthcare and AMGEN
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sabra and AMGEN is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Sabra Healthcare REIT and AMGEN INC 44 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 44 and Sabra Healthcare 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 Sabra Healthcare REIT 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 44 has no effect on the direction of Sabra Healthcare i.e., Sabra Healthcare and AMGEN go up and down completely randomly.
Pair Corralation between Sabra Healthcare and AMGEN
Given the investment horizon of 90 days Sabra Healthcare REIT is expected to generate 1.65 times more return on investment than AMGEN. However, Sabra Healthcare is 1.65 times more volatile than AMGEN INC 44. It trades about 0.0 of its potential returns per unit of risk. AMGEN INC 44 is currently generating about -0.05 per unit of risk. If you would invest 1,805 in Sabra Healthcare REIT on September 12, 2024 and sell it today you would lose (11.00) from holding Sabra Healthcare REIT or give up 0.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
Sabra Healthcare REIT vs. AMGEN INC 44
Performance |
| Timeline |
| Sabra Healthcare REIT |
| AMGEN INC 44 |
Sabra Healthcare and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sabra Healthcare and AMGEN
The main advantage of trading using opposite Sabra Healthcare and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sabra Healthcare 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.| Sabra Healthcare vs. Healthcare Realty Trust | Sabra Healthcare vs. Healthpeak Properties | Sabra Healthcare vs. Community Healthcare Trust | Sabra Healthcare vs. Universal Health Realty |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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