Correlation Between Advanced Micro and 538034AR0
Specify exactly 2 symbols:
By analyzing existing cross correlation between Advanced Micro Devices and Live Nation Entertainment, you can compare the effects of market volatilities on Advanced Micro and 538034AR0 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 538034AR0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advanced Micro and 538034AR0.
Diversification Opportunities for Advanced Micro and 538034AR0
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Advanced and 538034AR0 is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Micro Devices and Live Nation Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Live Nation Entertainment 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 538034AR0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Live Nation Entertainment has no effect on the direction of Advanced Micro i.e., Advanced Micro and 538034AR0 go up and down completely randomly.
Pair Corralation between Advanced Micro and 538034AR0
Considering the 90-day investment horizon Advanced Micro Devices is expected to generate 3.27 times more return on investment than 538034AR0. However, Advanced Micro is 3.27 times more volatile than Live Nation Entertainment. It trades about 0.03 of its potential returns per unit of risk. Live Nation Entertainment is currently generating about -0.14 per unit of risk. If you would invest 14,071 in Advanced Micro Devices on September 5, 2024 and sell it today you would earn a total of 127.00 from holding Advanced Micro Devices or generate 0.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Advanced Micro Devices vs. Live Nation Entertainment
Performance |
| Timeline |
| Advanced Micro Devices |
| Live Nation Entertainment |
Advanced Micro and 538034AR0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Advanced Micro and 538034AR0
The main advantage of trading using opposite Advanced Micro and 538034AR0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advanced Micro position performs unexpectedly, 538034AR0 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 538034AR0 will offset losses from the drop in 538034AR0's long position.| Advanced Micro vs. NXP Semiconductors NV | Advanced Micro vs. Monolithic Power Systems | Advanced Micro vs. ON Semiconductor | Advanced Micro vs. GSI Technology |
| 538034AR0 vs. Boyd Gaming | 538034AR0 vs. Capital Clean Energy | 538034AR0 vs. China Clean Energy | 538034AR0 vs. Advanced Micro Devices |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |