Correlation Between Advanced Micro and Beam Global
Can any of the company-specific risk be diversified away by investing in both Advanced Micro and Beam Global at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Advanced Micro and Beam Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Advanced Micro Devices and Beam Global, you can compare the effects of market volatilities on Advanced Micro and Beam Global 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 Advanced Micro with a short position of Beam Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advanced Micro and Beam Global.
Diversification Opportunities for Advanced Micro and Beam Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Advanced and Beam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Micro Devices and Beam Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beam Global and Advanced Micro 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 Advanced Micro Devices are associated (or correlated) with Beam Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beam Global has no effect on the direction of Advanced Micro i.e., Advanced Micro and Beam Global go up and down completely randomly.
Pair Corralation between Advanced Micro and Beam Global
If you would invest (100.00) in Beam Global on January 21, 2024 and sell it today you would earn a total of 100.00 from holding Beam Global or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Advanced Micro Devices vs. Beam Global
Performance |
| Timeline |
| Advanced Micro Devices |
| Beam Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Advanced Micro and Beam Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Advanced Micro and Beam Global
The main advantage of trading using opposite Advanced Micro and Beam Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advanced Micro position performs unexpectedly, Beam Global 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 Beam Global will offset losses from the drop in Beam Global's long position.| Advanced Micro vs. Taiwan Semiconductor Manufacturing | Advanced Micro vs. Intel | Advanced Micro vs. Marvell Technology Group | Advanced Micro vs. Micron Technology |
| Beam Global vs. Artisan Partners Asset | Beam Global vs. United Airlines Holdings | Beam Global vs. Mondee Holdings | Beam Global vs. Cumulus Media Class |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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