Correlation Between Amplify Junior and 2023 ETF

Can any of the company-specific risk be diversified away by investing in both Amplify Junior and 2023 ETF 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 Amplify Junior and 2023 ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Amplify Junior Silver and The 2023 ETF, you can compare the effects of market volatilities on Amplify Junior and 2023 ETF 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 Amplify Junior with a short position of 2023 ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amplify Junior and 2023 ETF.

Diversification Opportunities for Amplify Junior and 2023 ETF

0.79

Correlation Coefficient

Amplify Junior  2023 ETF

Poor diversification

The 3 months correlation between Amplify and 2023 is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Amplify Junior Silver and The 2023 ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 2023 ETF and Amplify Junior 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 Amplify Junior Silver are associated (or correlated) with 2023 ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 2023 ETF has no effect on the direction of Amplify Junior i.e., Amplify Junior and 2023 ETF go up and down completely randomly.

Pair Corralation between Amplify Junior and 2023 ETF

Given the investment horizon of 90 days Amplify Junior Silver is expected to generate 2.56 times more return on investment than 2023 ETF. However, Amplify Junior is 2.56 times more volatile than The 2023 ETF. It trades about 0.09 of its potential returns per unit of risk. The 2023 ETF is currently generating about 0.05 per unit of risk. If you would invest  1,255  in Amplify Junior Silver on August 21, 2025 and sell it today you would earn a total of  982.00  from holding Amplify Junior Silver or generate 78.25% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

Amplify Junior Silver  vs.  The 2023 ETF

Amplify Junior Silver

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Amplify Junior Silver are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. Even with relatively fragile essential indicators, Amplify Junior revealed solid returns over the last few months and may actually be approaching a breakup point.

2023 ETF

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in The 2023 ETF are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak basic indicators, 2023 ETF may actually be approaching a critical reversion point that can send shares even higher in December 2025.

Pair Trading with Amplify Junior and 2023 ETF

The main advantage of trading using opposite Amplify Junior and 2023 ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amplify Junior position performs unexpectedly, 2023 ETF 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 2023 ETF will offset losses from the drop in 2023 ETF's long position.

The idea behind Amplify Junior Silver and The 2023 ETF pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.