Correlation Between 90331HPL1 and AMGEN
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By analyzing existing cross correlation between US BANK NATIONAL and AMGEN INC 64, you can compare the effects of market volatilities on 90331HPL1 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 90331HPL1 with a short position of AMGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of 90331HPL1 and AMGEN.
Diversification Opportunities for 90331HPL1 and AMGEN
Significant diversification
The 3 months correlation between 90331HPL1 and AMGEN is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding US BANK NATIONAL and AMGEN INC 64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 64 and 90331HPL1 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 US BANK NATIONAL 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 64 has no effect on the direction of 90331HPL1 i.e., 90331HPL1 and AMGEN go up and down completely randomly.
Pair Corralation between 90331HPL1 and AMGEN
Assuming the 90 days trading horizon US BANK NATIONAL is expected to under-perform the AMGEN. But the bond apears to be less risky and, when comparing its historical volatility, US BANK NATIONAL is 2.17 times less risky than AMGEN. The bond trades about -0.05 of its potential returns per unit of risk. The AMGEN INC 64 is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 10,829 in AMGEN INC 64 on September 1, 2024 and sell it today you would earn a total of 2.00 from holding AMGEN INC 64 or generate 0.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 77.78% |
| Values | Daily Returns |
US BANK NATIONAL vs. AMGEN INC 64
Performance |
| Timeline |
| US BANK NATIONAL |
| AMGEN INC 64 |
90331HPL1 and AMGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 90331HPL1 and AMGEN
The main advantage of trading using opposite 90331HPL1 and AMGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 90331HPL1 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.| 90331HPL1 vs. Centessa Pharmaceuticals PLC | 90331HPL1 vs. Catalyst Pharmaceuticals | 90331HPL1 vs. Acumen Pharmaceuticals | 90331HPL1 vs. Inhibrx |
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 Correlations module to find global opportunities by holding instruments from different markets.
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