Correlation Between 90331HPL1 and 031162DG2
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By analyzing existing cross correlation between US BANK NATIONAL and AMGN 44 22 FEB 62, you can compare the effects of market volatilities on 90331HPL1 and 031162DG2 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 031162DG2. Check out your portfolio center. Please also check ongoing floating volatility patterns of 90331HPL1 and 031162DG2.
Diversification Opportunities for 90331HPL1 and 031162DG2
Good diversification
The 3 months correlation between 90331HPL1 and 031162DG2 is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding US BANK NATIONAL and AMGN 44 22 FEB 62 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGN 44 22 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 031162DG2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGN 44 22 has no effect on the direction of 90331HPL1 i.e., 90331HPL1 and 031162DG2 go up and down completely randomly.
Pair Corralation between 90331HPL1 and 031162DG2
Assuming the 90 days trading horizon US BANK NATIONAL is expected to under-perform the 031162DG2. But the bond apears to be less risky and, when comparing its historical volatility, US BANK NATIONAL is 1.79 times less risky than 031162DG2. The bond trades about -0.39 of its potential returns per unit of risk. The AMGN 44 22 FEB 62 is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 8,089 in AMGN 44 22 FEB 62 on September 12, 2024 and sell it today you would lose (173.00) from holding AMGN 44 22 FEB 62 or give up 2.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 72.22% |
| Values | Daily Returns |
US BANK NATIONAL vs. AMGN 44 22 FEB 62
Performance |
| Timeline |
| US BANK NATIONAL |
| AMGN 44 22 |
90331HPL1 and 031162DG2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 90331HPL1 and 031162DG2
The main advantage of trading using opposite 90331HPL1 and 031162DG2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 90331HPL1 position performs unexpectedly, 031162DG2 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 031162DG2 will offset losses from the drop in 031162DG2's long position.| 90331HPL1 vs. Haverty Furniture Companies | 90331HPL1 vs. Addus HomeCare | 90331HPL1 vs. China Clean Energy | 90331HPL1 vs. Ultra Clean Holdings |
| 031162DG2 vs. AEP TEX INC | 031162DG2 vs. US BANK NATIONAL | 031162DG2 vs. Alphabet Inc Class C | 031162DG2 vs. InMode |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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