Correlation Between Amkor Technology and CITIGROUP
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By analyzing existing cross correlation between Amkor Technology and CITIGROUP INC 6625, you can compare the effects of market volatilities on Amkor Technology and CITIGROUP 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 CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and CITIGROUP.
Diversification Opportunities for Amkor Technology and CITIGROUP
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Amkor and CITIGROUP is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and CITIGROUP INC 6625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 6625 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 CITIGROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIGROUP INC 6625 has no effect on the direction of Amkor Technology i.e., Amkor Technology and CITIGROUP go up and down completely randomly.
Pair Corralation between Amkor Technology and CITIGROUP
Given the investment horizon of 90 days Amkor Technology is expected to generate 3.22 times more return on investment than CITIGROUP. However, Amkor Technology is 3.22 times more volatile than CITIGROUP INC 6625. It trades about 0.11 of its potential returns per unit of risk. CITIGROUP INC 6625 is currently generating about -0.04 per unit of risk. If you would invest 2,545 in Amkor Technology on September 1, 2024 and sell it today you would earn a total of 99.00 from holding Amkor Technology or generate 3.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amkor Technology vs. CITIGROUP INC 6625
Performance |
| Timeline |
| Amkor Technology |
| CITIGROUP INC 6625 |
Amkor Technology and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and CITIGROUP
The main advantage of trading using opposite Amkor Technology and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, CITIGROUP 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 CITIGROUP will offset losses from the drop in CITIGROUP's long position.| Amkor Technology vs. NXP Semiconductors NV | Amkor Technology vs. GSI Technology | Amkor Technology vs. MaxLinear | Amkor Technology vs. Texas Instruments Incorporated |
| CITIGROUP vs. Ryman Hospitality Properties | CITIGROUP vs. Sweetgreen | CITIGROUP vs. Asure Software | CITIGROUP 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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