Correlation Between Amkor Technology and Siamgas
Can any of the company-specific risk be diversified away by investing in both Amkor Technology and Siamgas 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 Amkor Technology and Siamgas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amkor Technology and Siamgas And Petrochemicals, you can compare the effects of market volatilities on Amkor Technology and Siamgas 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 Amkor Technology with a short position of Siamgas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Siamgas.
Diversification Opportunities for Amkor Technology and Siamgas
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Amkor and Siamgas is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Siamgas And Petrochemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siamgas And Petroche and Amkor Technology 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 Amkor Technology are associated (or correlated) with Siamgas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siamgas And Petroche has no effect on the direction of Amkor Technology i.e., Amkor Technology and Siamgas go up and down completely randomly.
Pair Corralation between Amkor Technology and Siamgas
Assuming the 90 days horizon Amkor Technology is expected to generate 0.86 times more return on investment than Siamgas. However, Amkor Technology is 1.17 times less risky than Siamgas. It trades about 0.01 of its potential returns per unit of risk. Siamgas And Petrochemicals is currently generating about 0.01 per unit of risk. If you would invest 2,509 in Amkor Technology on October 14, 2024 and sell it today you would earn a total of 4.00 from holding Amkor Technology or generate 0.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amkor Technology vs. Siamgas And Petrochemicals
Performance |
| Timeline |
| Amkor Technology |
| Siamgas And Petroche |
Amkor Technology and Siamgas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and Siamgas
The main advantage of trading using opposite Amkor Technology and Siamgas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Siamgas 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 Siamgas will offset losses from the drop in Siamgas' long position.| Amkor Technology vs. WT OFFSHORE | Amkor Technology vs. Nanjing Panda Electronics | Amkor Technology vs. ARROW ELECTRONICS | Amkor Technology vs. Meiko Electronics Co |
| Siamgas vs. SOUTHWEST AIRLINES | Siamgas vs. Astral Foods Limited | Siamgas vs. COFCO Joycome Foods | Siamgas vs. Aegean Airlines SA |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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