Correlation Between AMFAHI and Topbuild Corp
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By analyzing existing cross correlation between AMFAHI 3833 11 MAR 51 and Topbuild Corp, you can compare the effects of market volatilities on AMFAHI and Topbuild Corp 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 AMFAHI with a short position of Topbuild Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMFAHI and Topbuild Corp.
Diversification Opportunities for AMFAHI and Topbuild Corp
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AMFAHI and Topbuild is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding AMFAHI 3833 11 MAR 51 and Topbuild Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Topbuild Corp and AMFAHI 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 AMFAHI 3833 11 MAR 51 are associated (or correlated) with Topbuild Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Topbuild Corp has no effect on the direction of AMFAHI i.e., AMFAHI and Topbuild Corp go up and down completely randomly.
Pair Corralation between AMFAHI and Topbuild Corp
Assuming the 90 days trading horizon AMFAHI 3833 11 MAR 51 is expected to generate 0.63 times more return on investment than Topbuild Corp. However, AMFAHI 3833 11 MAR 51 is 1.58 times less risky than Topbuild Corp. It trades about 0.08 of its potential returns per unit of risk. Topbuild Corp is currently generating about 0.03 per unit of risk. If you would invest 5,577 in AMFAHI 3833 11 MAR 51 on September 14, 2024 and sell it today you would earn a total of 573.00 from holding AMFAHI 3833 11 MAR 51 or generate 10.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 31.97% |
| Values | Daily Returns |
AMFAHI 3833 11 MAR 51 vs. Topbuild Corp
Performance |
| Timeline |
| AMFAHI 3833 11 |
| Topbuild Corp |
AMFAHI and Topbuild Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMFAHI and Topbuild Corp
The main advantage of trading using opposite AMFAHI and Topbuild Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMFAHI position performs unexpectedly, Topbuild Corp 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 Topbuild Corp will offset losses from the drop in Topbuild Corp's long position.| AMFAHI vs. Topbuild Corp | AMFAHI vs. MYR Group | AMFAHI vs. Dream Finders Homes | AMFAHI vs. Arrow Financial |
| Topbuild Corp vs. Arhaus Inc | Topbuild Corp vs. Floor Decor Holdings | Topbuild Corp vs. Kingfisher plc | Topbuild Corp vs. Haverty Furniture Companies |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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