Correlation Between Amkor Technology and ArcelorMittal
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By analyzing existing cross correlation between Amkor Technology and ArcelorMittal 455 percent, you can compare the effects of market volatilities on Amkor Technology and ArcelorMittal 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 ArcelorMittal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and ArcelorMittal.
Diversification Opportunities for Amkor Technology and ArcelorMittal
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Amkor and ArcelorMittal is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and ArcelorMittal 455 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ArcelorMittal 455 percent 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 ArcelorMittal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ArcelorMittal 455 percent has no effect on the direction of Amkor Technology i.e., Amkor Technology and ArcelorMittal go up and down completely randomly.
Pair Corralation between Amkor Technology and ArcelorMittal
Given the investment horizon of 90 days Amkor Technology is expected to under-perform the ArcelorMittal. In addition to that, Amkor Technology is 1.74 times more volatile than ArcelorMittal 455 percent. It trades about -0.05 of its total potential returns per unit of risk. ArcelorMittal 455 percent is currently generating about -0.04 per unit of volatility. If you would invest 9,964 in ArcelorMittal 455 percent on August 31, 2024 and sell it today you would lose (115.00) from holding ArcelorMittal 455 percent or give up 1.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amkor Technology vs. ArcelorMittal 455 percent
Performance |
| Timeline |
| Amkor Technology |
| ArcelorMittal 455 percent |
Amkor Technology and ArcelorMittal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and ArcelorMittal
The main advantage of trading using opposite Amkor Technology and ArcelorMittal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, ArcelorMittal 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 ArcelorMittal will offset losses from the drop in ArcelorMittal's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| ArcelorMittal vs. Western Digital | ArcelorMittal vs. Barrick Gold Corp | ArcelorMittal vs. Amkor Technology | ArcelorMittal vs. Yuexiu Transport Infrastructure |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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