Correlation Between Anton Oilfield and Amazon
Can any of the company-specific risk be diversified away by investing in both Anton Oilfield and Amazon 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 Anton Oilfield and Amazon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anton Oilfield Services and Amazon Inc, you can compare the effects of market volatilities on Anton Oilfield and Amazon 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 Anton Oilfield with a short position of Amazon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anton Oilfield and Amazon.
Diversification Opportunities for Anton Oilfield and Amazon
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anton and Amazon is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Anton Oilfield Services and Amazon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amazon Inc and Anton Oilfield 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 Anton Oilfield Services are associated (or correlated) with Amazon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amazon Inc has no effect on the direction of Anton Oilfield i.e., Anton Oilfield and Amazon go up and down completely randomly.
Pair Corralation between Anton Oilfield and Amazon
If you would invest 5.42 in Anton Oilfield Services on January 28, 2024 and sell it today you would earn a total of 0.00 from holding Anton Oilfield Services or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Anton Oilfield Services vs. Amazon Inc
Performance |
Timeline |
Anton Oilfield Services |
Amazon Inc |
Anton Oilfield and Amazon Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anton Oilfield and Amazon
The main advantage of trading using opposite Anton Oilfield and Amazon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anton Oilfield position performs unexpectedly, Amazon 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 Amazon will offset losses from the drop in Amazon's long position.Anton Oilfield vs. Osisko Metals Incorporated | Anton Oilfield vs. Mineral Res | Anton Oilfield vs. IGO Limited | Anton Oilfield vs. Qubec Nickel Corp |
Amazon vs. Tuniu Corp | Amazon vs. Mondee Holdings | Amazon vs. Amadeus IT Group | Amazon vs. Travel Leisure Co |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Bonds Directory Find actively traded corporate debentures issued by US companies | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |