Correlation Between Amkor Technology and East Resources
Can any of the company-specific risk be diversified away by investing in both Amkor Technology and East Resources 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 East Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amkor Technology and East Resources Acquisition, you can compare the effects of market volatilities on Amkor Technology and East Resources 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 East Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and East Resources.
Diversification Opportunities for Amkor Technology and East Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amkor and East is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and East Resources Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on East Resources Acqui 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 East Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of East Resources Acqui has no effect on the direction of Amkor Technology i.e., Amkor Technology and East Resources go up and down completely randomly.
Pair Corralation between Amkor Technology and East Resources
If you would invest 2,600 in Amkor Technology on September 13, 2024 and sell it today you would earn a total of 38.00 from holding Amkor Technology or generate 1.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Amkor Technology vs. East Resources Acquisition
Performance |
| Timeline |
| Amkor Technology |
| East Resources Acqui |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Amkor Technology and East Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and East Resources
The main advantage of trading using opposite Amkor Technology and East Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, East Resources 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 East Resources will offset losses from the drop in East Resources' long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| East Resources vs. Yuexiu Transport Infrastructure | East Resources vs. CenterPoint Energy | East Resources vs. Delek Logistics Partners | East Resources vs. Aris Water Solutions |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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