Correlation Between Amkor Technology and GABY
Can any of the company-specific risk be diversified away by investing in both Amkor Technology and GABY 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 GABY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amkor Technology and GABY Inc, you can compare the effects of market volatilities on Amkor Technology and GABY 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 GABY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and GABY.
Diversification Opportunities for Amkor Technology and GABY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amkor and GABY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and GABY Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GABY Inc 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 GABY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GABY Inc has no effect on the direction of Amkor Technology i.e., Amkor Technology and GABY go up and down completely randomly.
Pair Corralation between Amkor Technology and GABY
If you would invest 2,828 in Amkor Technology on September 2, 2024 and sell it today you would lose (184.00) from holding Amkor Technology or give up 6.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 70.97% |
| Values | Daily Returns |
Amkor Technology vs. GABY Inc
Performance |
| Timeline |
| Amkor Technology |
| GABY Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Amkor Technology and GABY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and GABY
The main advantage of trading using opposite Amkor Technology and GABY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, GABY 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 GABY will offset losses from the drop in GABY's long position.| Amkor Technology vs. NXP Semiconductors NV | Amkor Technology vs. GSI Technology | Amkor Technology vs. MaxLinear | Amkor Technology vs. Texas Instruments Incorporated |
| GABY vs. Bridgford Foods | GABY vs. Lifevantage | GABY vs. Marfrig Global Foods | GABY vs. RCI Hospitality Holdings |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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