Correlation Between AMC Networks and ATY Old
Can any of the company-specific risk be diversified away by investing in both AMC Networks and ATY Old 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 AMC Networks and ATY Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AMC Networks and ATY Old, you can compare the effects of market volatilities on AMC Networks and ATY Old 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 AMC Networks with a short position of ATY Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMC Networks and ATY Old.
Diversification Opportunities for AMC Networks and ATY Old
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between AMC and ATY is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding AMC Networks and ATY Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATY Old and AMC Networks 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 AMC Networks are associated (or correlated) with ATY Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATY Old has no effect on the direction of AMC Networks i.e., AMC Networks and ATY Old go up and down completely randomly.
Pair Corralation between AMC Networks and ATY Old
If you would invest 160.00 in ATY Old on December 30, 2023 and sell it today you would earn a total of 0.00 from holding ATY Old or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 4.55% |
Values | Daily Returns |
AMC Networks vs. ATY Old
Performance |
Timeline |
AMC Networks |
ATY Old |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
AMC Networks and ATY Old Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AMC Networks and ATY Old
The main advantage of trading using opposite AMC Networks and ATY Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMC Networks position performs unexpectedly, ATY Old 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 ATY Old will offset losses from the drop in ATY Old's long position.AMC Networks vs. IQIYI Inc | AMC Networks vs. Madison Square Garden | AMC Networks vs. Anghami Warrants | AMC Networks vs. Netflix |
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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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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