Correlation Between 694308JU2 and Amgen
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By analyzing existing cross correlation between PCG 42 01 JUN 41 and Amgen Inc, you can compare the effects of market volatilities on 694308JU2 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 694308JU2 with a short position of Amgen. Check out your portfolio center. Please also check ongoing floating volatility patterns of 694308JU2 and Amgen.
Diversification Opportunities for 694308JU2 and Amgen
Pay attention - limited upside
The 3 months correlation between 694308JU2 and Amgen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PCG 42 01 JUN 41 and Amgen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amgen Inc and 694308JU2 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 PCG 42 01 JUN 41 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 694308JU2 i.e., 694308JU2 and Amgen go up and down completely randomly.
Pair Corralation between 694308JU2 and Amgen
If you would invest 0.00 in PCG 42 01 JUN 41 on September 14, 2024 and sell it today you would earn a total of 0.00 from holding PCG 42 01 JUN 41 or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
PCG 42 01 JUN 41 vs. Amgen Inc
Performance |
| Timeline |
| PCG 42 01 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Amgen Inc |
694308JU2 and Amgen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 694308JU2 and Amgen
The main advantage of trading using opposite 694308JU2 and Amgen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 694308JU2 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.| 694308JU2 vs. RCS MediaGroup SpA | 694308JU2 vs. NetSol Technologies | 694308JU2 vs. Reservoir Media | 694308JU2 vs. Montauk Renewables |
| Amgen vs. Puma Biotechnology | Amgen vs. Iovance Biotherapeutics | Amgen vs. Day One Biopharmaceuticals | Amgen vs. Inozyme Pharma |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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