Correlation Between Amkor Technology and CARRIER
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By analyzing existing cross correlation between Amkor Technology and CARRIER GLOBAL P, you can compare the effects of market volatilities on Amkor Technology and CARRIER 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 CARRIER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and CARRIER.
Diversification Opportunities for Amkor Technology and CARRIER
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Amkor and CARRIER is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and CARRIER GLOBAL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARRIER GLOBAL P 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 CARRIER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARRIER GLOBAL P has no effect on the direction of Amkor Technology i.e., Amkor Technology and CARRIER go up and down completely randomly.
Pair Corralation between Amkor Technology and CARRIER
Given the investment horizon of 90 days Amkor Technology is expected to generate 6.95 times more return on investment than CARRIER. However, Amkor Technology is 6.95 times more volatile than CARRIER GLOBAL P. It trades about 0.01 of its potential returns per unit of risk. CARRIER GLOBAL P is currently generating about 0.03 per unit of risk. 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 | Moves Together |
| Strength | Significant |
| Accuracy | 97.18% |
| Values | Daily Returns |
Amkor Technology vs. CARRIER GLOBAL P
Performance |
| Timeline |
| Amkor Technology |
| CARRIER GLOBAL P |
Amkor Technology and CARRIER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and CARRIER
The main advantage of trading using opposite Amkor Technology and CARRIER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, CARRIER 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 CARRIER will offset losses from the drop in CARRIER's long position.| Amkor Technology vs. NXP Semiconductors NV | Amkor Technology vs. GSI Technology | Amkor Technology vs. MaxLinear | Amkor Technology vs. Texas Instruments Incorporated |
| CARRIER vs. GEN Restaurant Group, | CARRIER vs. First Watch Restaurant | CARRIER vs. Yum Brands | CARRIER 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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