Correlation Between Amkor Technology and Tsuruha Holdings
Can any of the company-specific risk be diversified away by investing in both Amkor Technology and Tsuruha Holdings 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 Tsuruha Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amkor Technology and Tsuruha Holdings, you can compare the effects of market volatilities on Amkor Technology and Tsuruha Holdings 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 Tsuruha Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Tsuruha Holdings.
Diversification Opportunities for Amkor Technology and Tsuruha Holdings
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Amkor and Tsuruha is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Tsuruha Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tsuruha Holdings 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 Tsuruha Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tsuruha Holdings has no effect on the direction of Amkor Technology i.e., Amkor Technology and Tsuruha Holdings go up and down completely randomly.
Pair Corralation between Amkor Technology and Tsuruha Holdings
If you would invest 2,600 in Amkor Technology on September 13, 2024 and sell it today you would earn a total of 18.50 from holding Amkor Technology or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Amkor Technology vs. Tsuruha Holdings
Performance |
| Timeline |
| Amkor Technology |
| Tsuruha Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Amkor Technology and Tsuruha Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and Tsuruha Holdings
The main advantage of trading using opposite Amkor Technology and Tsuruha Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Tsuruha Holdings 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 Tsuruha Holdings will offset losses from the drop in Tsuruha Holdings' long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| Tsuruha Holdings vs. Meiwu Technology Co | Tsuruha Holdings vs. Amkor Technology | Tsuruha Holdings vs. Pool Corporation | Tsuruha Holdings vs. Fast Retailing Co |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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