Correlation Between Amkor Technology and Getty Realty
Can any of the company-specific risk be diversified away by investing in both Amkor Technology and Getty Realty 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 Getty Realty into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amkor Technology and Getty Realty, you can compare the effects of market volatilities on Amkor Technology and Getty Realty 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 Getty Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Getty Realty.
Diversification Opportunities for Amkor Technology and Getty Realty
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Amkor and Getty is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Getty Realty in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Realty 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 Getty Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getty Realty has no effect on the direction of Amkor Technology i.e., Amkor Technology and Getty Realty go up and down completely randomly.
Pair Corralation between Amkor Technology and Getty Realty
Given the investment horizon of 90 days Amkor Technology is expected to generate 2.37 times more return on investment than Getty Realty. However, Amkor Technology is 2.37 times more volatile than Getty Realty. It trades about 0.02 of its potential returns per unit of risk. Getty Realty is currently generating about 0.01 per unit of risk. If you would invest 2,617 in Amkor Technology on August 31, 2024 and sell it today you would earn a total of 27.00 from holding Amkor Technology or generate 1.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amkor Technology vs. Getty Realty
Performance |
| Timeline |
| Amkor Technology |
| Getty Realty |
Amkor Technology and Getty Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and Getty Realty
The main advantage of trading using opposite Amkor Technology and Getty Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Getty Realty 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 Getty Realty will offset losses from the drop in Getty Realty's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| Getty Realty vs. Regency Centers | Getty Realty vs. Site Centers Corp | Getty Realty vs. Brixmor Property | Getty Realty vs. Tanger Factory Outlet |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |