Correlation Between Amkor Technology and Asure Software

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Can any of the company-specific risk be diversified away by investing in both Amkor Technology and Asure Software 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 Asure Software into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amkor Technology and Asure Software, you can compare the effects of market volatilities on Amkor Technology and Asure Software 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 Asure Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Asure Software.

Diversification Opportunities for Amkor Technology and Asure Software

AmkorAsureDiversified AwayAmkorAsureDiversified Away100%
-0.47
  Correlation Coefficient

Very good diversification

The 3 months correlation between Amkor and Asure is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Asure Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asure Software 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 Asure Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asure Software has no effect on the direction of Amkor Technology i.e., Amkor Technology and Asure Software go up and down completely randomly.

Pair Corralation between Amkor Technology and Asure Software

Given the investment horizon of 90 days Amkor Technology is expected to generate 0.89 times more return on investment than Asure Software. However, Amkor Technology is 1.13 times less risky than Asure Software. It trades about 0.0 of its potential returns per unit of risk. Asure Software is currently generating about 0.0 per unit of risk. If you would invest  2,417  in Amkor Technology on November 30, 2024 and sell it today you would lose (313.00) from holding Amkor Technology or give up 12.95% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Amkor Technology  vs.  Asure Software

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -10010203040
JavaScript chart by amCharts 3.21.15AMKR ASUR
       Timeline  
Amkor Technology 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Amkor Technology has generated negative risk-adjusted returns adding no value to investors with long positions. Even with inconsistent performance in the last few months, the Stock's forward-looking signals remain relatively invariable which may send shares a bit higher in March 2025. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb21222324252627
Asure Software 

Risk-Adjusted Performance

Modest

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Asure Software are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Asure Software may actually be approaching a critical reversion point that can send shares even higher in March 2025.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb99.51010.51111.51212.5

Amkor Technology and Asure Software Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-3.99-3.01-2.03-1.05-0.06640.861.782.73.624.54 0.0450.0500.0550.0600.0650.070
JavaScript chart by amCharts 3.21.15AMKR ASUR
       Returns  

Pair Trading with Amkor Technology and Asure Software

The main advantage of trading using opposite Amkor Technology and Asure Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Asure Software 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 Asure Software will offset losses from the drop in Asure Software's long position.
The idea behind Amkor Technology and Asure Software pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.

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