Amgen Correlations

AMG Stock

EUR 288.95 0.90 0.31%

The current 90-days correlation between Amgen Inc and Harmony Gold Mining is -0.08 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Amgen moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Amgen Inc moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Amgen Correlation With Market

Significant diversification

The correlation between Amgen Inc and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Amgen Inc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Amgen could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Amgen when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Amgen - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Amgen Inc to buy it.

Moving together with Amgen Stock

0.93	DBPE	Xtrackers LevDAX	Pair Corr
0.89	E908	Lyxor 1	Pair Corr

Moving against Amgen Stock

0.92	DBPD	Xtrackers ShortDAX	Pair Corr
0.88	BZG2	BANK CENTRAL ASIA	Pair Corr
0.88	BZG2	BANK CENTRAL ASIA	Pair Corr
0.86	PQ9	BANK MANDIRI	Pair Corr
0.85	MSF	Microsoft	Pair Corr
0.85	MSF	Microsoft	Pair Corr
0.84	MSF	Microsoft	Pair Corr
0.84	MSF	Microsoft	Pair Corr
0.84	MSF	Microsoft	Pair Corr
0.81	PQ9	PT Bank Mandiri	Pair Corr
0.78	PQ9	BANK MANDIRI	Pair Corr
0.74	PQ9	BANK MANDIRI	Pair Corr
0.7	BYRA	BANK RAKYAT IND	Pair Corr
0.56	BYRA	PT Bank Rakyat	Pair Corr
0.52	AMZ	Amazon Inc	Pair Corr
0.46	APC	Apple Inc	Pair Corr
0.46	APC	Apple Inc	Pair Corr
0.45	APC	Apple Inc	Pair Corr
0.45	APC	Apple Inc	Pair Corr
0.43	BYRA	BANK RAKYAT IND	Pair Corr
0.41	BYRA	PT Bank Rakyat	Pair Corr

Related Correlations Analysis

	GM6	SZL	HAM	DFXN	D6V1	GEH	8QC	SZL
GM6		0.0	0.0	0.0	-1.0	0.0	0.0	0.0	GM6
SZL	0.0		-0.09	0.57	0.0	0.0	0.23	0.98	SZL
HAM	0.0	-0.09		0.35	0.0	0.0	0.02	-0.07	HAM
DFXN	0.0	0.57	0.35		0.0	0.0	-0.17	0.58	DFXN
D6V1	-1.0	0.0	0.0	0.0		0.0	0.0	0.0	D6V1
GEH	0.0	0.0	0.0	0.0	0.0		0.0	0.0	GEH
8QC	0.0	0.23	0.02	-0.17	0.0	0.0		0.22	8QC
SZL	0.0	0.98	-0.07	0.58	0.0	0.0	0.22		SZL
	GM6	SZL	HAM	DFXN	D6V1	GEH	8QC	SZL

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

SZL	+ 0.98	SZL
SZL	+ 0.58	DFXN
DFXN	+ 0.57	SZL
DFXN	+ 0.35	HAM
8QC	+ 0.23	SZL
SZL	+ 0.22	8QC

High negative correlations

D6V1	- 1.0	GM6
8QC	- 0.17	DFXN
HAM	- 0.09	SZL
SZL	- 0.07	HAM
SZL	- 0.0	GEH
8QC	- 0.0	GEH

Risk-Adjusted Indicators

There is a big difference between Amgen Stock performing well and Amgen Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Amgen's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GM6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SZL	1.72	(0.27)	0.00	(5.38)	0.00	0.00	4.19	(3.03)	11.97
HAM	2.38	0.39	0.19	(2.86)	2.50	(2.79)	5.94	(4.49)	12.60
DFXN	2.01	0.09	0.08	(4.00)	2.09	(3.26)	5.26	(3.64)	17.69
D6V1	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GEH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
8QC	0.89	0.00	0.00	(0.16)	0.00	0.00	1.37	(2.39)	12.74
SZL	1.43	(0.28)	0.00	(2.73)	0.00	0.00	4.05	(3.21)	10.11

Be your own money manager

Our tools can tell you how much better you can do entering a position in Amgen without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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