Correlation Between Spectrum Brands and 031162DE7
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By analyzing existing cross correlation between Spectrum Brands Holdings and AMGN 335 22 FEB 32, you can compare the effects of market volatilities on Spectrum Brands and 031162DE7 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 Spectrum Brands with a short position of 031162DE7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spectrum Brands and 031162DE7.
Diversification Opportunities for Spectrum Brands and 031162DE7
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Spectrum and 031162DE7 is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Spectrum Brands Holdings and AMGN 335 22 FEB 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGN 335 22 and Spectrum Brands 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 Spectrum Brands Holdings are associated (or correlated) with 031162DE7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGN 335 22 has no effect on the direction of Spectrum Brands i.e., Spectrum Brands and 031162DE7 go up and down completely randomly.
Pair Corralation between Spectrum Brands and 031162DE7
Considering the 90-day investment horizon Spectrum Brands Holdings is expected to generate 2.61 times more return on investment than 031162DE7. However, Spectrum Brands is 2.61 times more volatile than AMGN 335 22 FEB 32. It trades about -0.04 of its potential returns per unit of risk. AMGN 335 22 FEB 32 is currently generating about -0.12 per unit of risk. If you would invest 9,387 in Spectrum Brands Holdings on September 12, 2024 and sell it today you would lose (186.00) from holding Spectrum Brands Holdings or give up 1.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Spectrum Brands Holdings vs. AMGN 335 22 FEB 32
Performance |
| Timeline |
| Spectrum Brands Holdings |
| AMGN 335 22 |
Spectrum Brands and 031162DE7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spectrum Brands and 031162DE7
The main advantage of trading using opposite Spectrum Brands and 031162DE7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spectrum Brands position performs unexpectedly, 031162DE7 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 031162DE7 will offset losses from the drop in 031162DE7's long position.| Spectrum Brands vs. European Wax Center | Spectrum Brands vs. Inter Parfums | Spectrum Brands vs. Mannatech Incorporated | Spectrum Brands vs. Nu Skin Enterprises |
| 031162DE7 vs. AEP TEX INC | 031162DE7 vs. US BANK NATIONAL | 031162DE7 vs. Alphabet Inc Class C | 031162DE7 vs. InMode |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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