Correlation Between AMGEN and Comstock Holding
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By analyzing existing cross correlation between AMGEN INC 64 and Comstock Holding Companies, you can compare the effects of market volatilities on AMGEN and Comstock Holding 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 AMGEN with a short position of Comstock Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMGEN and Comstock Holding.
Diversification Opportunities for AMGEN and Comstock Holding
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between AMGEN and Comstock is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding AMGEN INC 64 and Comstock Holding Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comstock Holding Com and AMGEN 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 AMGEN INC 64 are associated (or correlated) with Comstock Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comstock Holding Com has no effect on the direction of AMGEN i.e., AMGEN and Comstock Holding go up and down completely randomly.
Pair Corralation between AMGEN and Comstock Holding
Assuming the 90 days trading horizon AMGEN INC 64 is expected to generate 0.35 times more return on investment than Comstock Holding. However, AMGEN INC 64 is 2.84 times less risky than Comstock Holding. It trades about 0.04 of its potential returns per unit of risk. Comstock Holding Companies is currently generating about 0.0 per unit of risk. If you would invest 10,758 in AMGEN INC 64 on September 13, 2024 and sell it today you would earn a total of 73.00 from holding AMGEN INC 64 or generate 0.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
AMGEN INC 64 vs. Comstock Holding Companies
Performance |
| Timeline |
| AMGEN INC 64 |
| Comstock Holding Com |
AMGEN and Comstock Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMGEN and Comstock Holding
The main advantage of trading using opposite AMGEN and Comstock Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMGEN position performs unexpectedly, Comstock Holding 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 Comstock Holding will offset losses from the drop in Comstock Holding's long position.| AMGEN vs. Comstock Holding Companies | AMGEN vs. SEI Investments | AMGEN vs. Verde Clean Fuels | AMGEN vs. Black Hills |
| Comstock Holding vs. Arhaus Inc | Comstock Holding vs. Floor Decor Holdings | Comstock Holding vs. Kingfisher plc | Comstock Holding 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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