Correlation Between 90331HPL1 and AMGEN
Specify exactly 2 symbols:
By analyzing existing cross correlation between US BANK NATIONAL and AMGEN INC, 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
Poor diversification
The 3 months correlation between 90331HPL1 and AMGEN is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding US BANK NATIONAL and AMGEN INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGEN INC 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 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. In addition to that, 90331HPL1 is 1.35 times more volatile than AMGEN INC. It trades about -0.03 of its total potential returns per unit of risk. AMGEN INC is currently generating about -0.01 per unit of volatility. If you would invest 8,701 in AMGEN INC on August 29, 2024 and sell it today you would lose (45.00) from holding AMGEN INC or give up 0.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 62.1% |
| Values | Daily Returns |
US BANK NATIONAL vs. AMGEN INC
Performance |
| Timeline |
| US BANK NATIONAL |
| AMGEN INC |
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. Celsius Holdings | 90331HPL1 vs. Highway Holdings Limited | 90331HPL1 vs. Natural Alternatives International | 90331HPL1 vs. Lion One Metals |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |