Correlation Between Aehr Test and 682691AA8
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By analyzing existing cross correlation between Aehr Test Systems and US682691AA80, you can compare the effects of market volatilities on Aehr Test and 682691AA8 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 Aehr Test with a short position of 682691AA8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aehr Test and 682691AA8.
Diversification Opportunities for Aehr Test and 682691AA8
Average diversification
The 3 months correlation between Aehr and 682691AA8 is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Aehr Test Systems and US682691AA80 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US682691AA80 and Aehr Test 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 Aehr Test Systems are associated (or correlated) with 682691AA8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US682691AA80 has no effect on the direction of Aehr Test i.e., Aehr Test and 682691AA8 go up and down completely randomly.
Pair Corralation between Aehr Test and 682691AA8
Given the investment horizon of 90 days Aehr Test Systems is expected to under-perform the 682691AA8. In addition to that, Aehr Test is 7.59 times more volatile than US682691AA80. It trades about -0.03 of its total potential returns per unit of risk. US682691AA80 is currently generating about 0.06 per unit of volatility. If you would invest 8,167 in US682691AA80 on September 3, 2024 and sell it today you would earn a total of 865.00 from holding US682691AA80 or generate 10.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.79% |
| Values | Daily Returns |
Aehr Test Systems vs. US682691AA80
Performance |
| Timeline |
| Aehr Test Systems |
| US682691AA80 |
Aehr Test and 682691AA8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aehr Test and 682691AA8
The main advantage of trading using opposite Aehr Test and 682691AA8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aehr Test position performs unexpectedly, 682691AA8 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 682691AA8 will offset losses from the drop in 682691AA8's long position.| Aehr Test vs. Photronics | Aehr Test vs. Lam Research Corp | Aehr Test vs. KLA Tencor | Aehr Test vs. Kulicke and Soffa |
| 682691AA8 vs. AEP TEX INC | 682691AA8 vs. US BANK NATIONAL | 682691AA8 vs. Jackson Financial | 682691AA8 vs. MetLife |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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