Correlation Between Exactus and Amphenol
Can any of the company-specific risk be diversified away by investing in both Exactus and Amphenol 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 Exactus and Amphenol into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exactus and Amphenol, you can compare the effects of market volatilities on Exactus and Amphenol 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 Exactus with a short position of Amphenol. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exactus and Amphenol.
Diversification Opportunities for Exactus and Amphenol
Pay attention - limited upside
The 3 months correlation between Exactus and Amphenol is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Exactus and Amphenol in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amphenol and Exactus 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 Exactus are associated (or correlated) with Amphenol. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amphenol has no effect on the direction of Exactus i.e., Exactus and Amphenol go up and down completely randomly.
Pair Corralation between Exactus and Amphenol
If you would invest 11,422 in Amphenol on January 25, 2024 and sell it today you would earn a total of 4.00 from holding Amphenol or generate 0.04% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Exactus vs. Amphenol
Performance |
Timeline |
Exactus |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Amphenol |
Exactus and Amphenol Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Exactus and Amphenol
The main advantage of trading using opposite Exactus and Amphenol positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exactus position performs unexpectedly, Amphenol 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 Amphenol will offset losses from the drop in Amphenol's long position.Exactus vs. Ziff Davis | Exactus vs. Iridium Communications | Exactus vs. Teleflex Incorporated | Exactus vs. United Parks Resorts |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Bonds Directory Find actively traded corporate debentures issued by US companies |