Correlation Between Amkor Technology and ABBOTT
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By analyzing existing cross correlation between Amkor Technology and ABBOTT LABS 3875, you can compare the effects of market volatilities on Amkor Technology and ABBOTT 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 ABBOTT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and ABBOTT.
Diversification Opportunities for Amkor Technology and ABBOTT
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Amkor and ABBOTT is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and ABBOTT LABS 3875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ABBOTT LABS 3875 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 ABBOTT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ABBOTT LABS 3875 has no effect on the direction of Amkor Technology i.e., Amkor Technology and ABBOTT go up and down completely randomly.
Pair Corralation between Amkor Technology and ABBOTT
Given the investment horizon of 90 days Amkor Technology is expected to under-perform the ABBOTT. In addition to that, Amkor Technology is 10.09 times more volatile than ABBOTT LABS 3875. It trades about -0.09 of its total potential returns per unit of risk. ABBOTT LABS 3875 is currently generating about -0.15 per unit of volatility. If you would invest 9,981 in ABBOTT LABS 3875 on September 3, 2024 and sell it today you would lose (121.00) from holding ABBOTT LABS 3875 or give up 1.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 83.33% |
| Values | Daily Returns |
Amkor Technology vs. ABBOTT LABS 3875
Performance |
| Timeline |
| Amkor Technology |
| ABBOTT LABS 3875 |
Amkor Technology and ABBOTT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and ABBOTT
The main advantage of trading using opposite Amkor Technology and ABBOTT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, ABBOTT 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 ABBOTT will offset losses from the drop in ABBOTT's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| ABBOTT vs. WPP PLC ADR | ABBOTT vs. Organic Sales and | ABBOTT vs. Minerals Technologies | ABBOTT vs. Amkor Technology |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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