Correlation Between Amplify ETF and 17136MAB8
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By analyzing existing cross correlation between Amplify ETF Trust and CHD 5 15 JUN 52, you can compare the effects of market volatilities on Amplify ETF and 17136MAB8 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 ETF with a short position of 17136MAB8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amplify ETF and 17136MAB8.
Diversification Opportunities for Amplify ETF and 17136MAB8
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Amplify and 17136MAB8 is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Amplify ETF Trust and CHD 5 15 JUN 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 17136MAB8 and Amplify ETF 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 ETF Trust are associated (or correlated) with 17136MAB8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 17136MAB8 has no effect on the direction of Amplify ETF i.e., Amplify ETF and 17136MAB8 go up and down completely randomly.
Pair Corralation between Amplify ETF and 17136MAB8
Given the investment horizon of 90 days Amplify ETF is expected to generate 1.01 times less return on investment than 17136MAB8. But when comparing it to its historical volatility, Amplify ETF Trust is 45.02 times less risky than 17136MAB8. It trades about 0.47 of its potential returns per unit of risk. CHD 5 15 JUN 52 is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 10,048 in CHD 5 15 JUN 52 on October 12, 2024 and sell it today you would earn a total of 52.00 from holding CHD 5 15 JUN 52 or generate 0.52% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 98.62% |
Values | Daily Returns |
Amplify ETF Trust vs. CHD 5 15 JUN 52
Performance |
Timeline |
Amplify ETF Trust |
17136MAB8 |
Amplify ETF and 17136MAB8 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Amplify ETF and 17136MAB8
The main advantage of trading using opposite Amplify ETF and 17136MAB8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amplify ETF position performs unexpectedly, 17136MAB8 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 17136MAB8 will offset losses from the drop in 17136MAB8's long position.Amplify ETF vs. Valued Advisers Trust | Amplify ETF vs. Columbia Diversified Fixed | Amplify ETF vs. Principal Exchange Traded Funds | Amplify ETF vs. Doubleline Etf Trust |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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