Correlation Between Advanced Micro and Clene
Can any of the company-specific risk be diversified away by investing in both Advanced Micro and Clene 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 Advanced Micro and Clene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Advanced Micro Devices and Clene Inc, you can compare the effects of market volatilities on Advanced Micro and Clene 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 Advanced Micro with a short position of Clene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advanced Micro and Clene.
Diversification Opportunities for Advanced Micro and Clene
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Advanced and Clene is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Micro Devices and Clene Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clene Inc and Advanced Micro 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 Advanced Micro Devices are associated (or correlated) with Clene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clene Inc has no effect on the direction of Advanced Micro i.e., Advanced Micro and Clene go up and down completely randomly.
Pair Corralation between Advanced Micro and Clene
Assuming the 90 days trading horizon Advanced Micro Devices is expected to under-perform the Clene. But the stock apears to be less risky and, when comparing its historical volatility, Advanced Micro Devices is 2.6 times less risky than Clene. The stock trades about -0.29 of its potential returns per unit of risk. The Clene Inc is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 851.00 in Clene Inc on August 26, 2025 and sell it today you would earn a total of 76.00 from holding Clene Inc or generate 8.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Advanced Micro Devices vs. Clene Inc
Performance |
| Timeline |
| Advanced Micro Devices |
| Clene Inc |
Advanced Micro and Clene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Advanced Micro and Clene
The main advantage of trading using opposite Advanced Micro and Clene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advanced Micro position performs unexpectedly, Clene 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 Clene will offset losses from the drop in Clene's long position.| Advanced Micro vs. NVIDIA CDR | Advanced Micro vs. Advanced Micro Devices | Advanced Micro vs. Micron Technology, | Advanced Micro vs. QUALCOMM Incorporated |
| Clene vs. MacroGenics | Clene vs. Ovid Therapeutics | Clene vs. Coya Therapeutics, Common | Clene vs. Oramed Pharmaceuticals |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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