Correlation Between Advanced Micro and Piotech
Specify exactly 2 symbols:
By analyzing existing cross correlation between Advanced Micro Fabrication and Piotech Inc A, you can compare the effects of market volatilities on Advanced Micro and Piotech 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 Piotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advanced Micro and Piotech.
Diversification Opportunities for Advanced Micro and Piotech
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Advanced and Piotech is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Micro Fabrication and Piotech Inc A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Piotech Inc A 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 Fabrication are associated (or correlated) with Piotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Piotech Inc A has no effect on the direction of Advanced Micro i.e., Advanced Micro and Piotech go up and down completely randomly.
Pair Corralation between Advanced Micro and Piotech
Assuming the 90 days trading horizon Advanced Micro Fabrication is expected to generate 0.76 times more return on investment than Piotech. However, Advanced Micro Fabrication is 1.31 times less risky than Piotech. It trades about 0.06 of its potential returns per unit of risk. Piotech Inc A is currently generating about 0.03 per unit of risk. If you would invest 10,700 in Advanced Micro Fabrication on August 30, 2024 and sell it today you would earn a total of 10,484 from holding Advanced Micro Fabrication or generate 97.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Advanced Micro Fabrication vs. Piotech Inc A
Performance |
| Timeline |
| Advanced Micro Fabri |
| Piotech Inc A |
Advanced Micro and Piotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Advanced Micro and Piotech
The main advantage of trading using opposite Advanced Micro and Piotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advanced Micro position performs unexpectedly, Piotech 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 Piotech will offset losses from the drop in Piotech's long position.| Advanced Micro vs. Sichuan Hebang Biotechnology | Advanced Micro vs. ROPEOK Technology Group | Advanced Micro vs. Guangzhou Haige Communications | Advanced Micro vs. Guangdong Marubi Biotechnology |
| Piotech vs. Everdisplay Optronics Shanghai | Piotech vs. Shanghai Jinfeng Wine | Piotech vs. State Grid InformationCommunication | Piotech vs. Citic Guoan Wine |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |