Correlation Between Amkor Technology and HUMANA
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By analyzing existing cross correlation between Amkor Technology and HUMANA INC, you can compare the effects of market volatilities on Amkor Technology and HUMANA 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 HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and HUMANA.
Diversification Opportunities for Amkor Technology and HUMANA
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Amkor and HUMANA is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC 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 HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Amkor Technology i.e., Amkor Technology and HUMANA go up and down completely randomly.
Pair Corralation between Amkor Technology and HUMANA
Given the investment horizon of 90 days Amkor Technology is expected to generate 1.62 times more return on investment than HUMANA. However, Amkor Technology is 1.62 times more volatile than HUMANA INC. It trades about 0.03 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.19 per unit of risk. If you would invest 2,661 in Amkor Technology on September 12, 2024 and sell it today you would earn a total of 18.00 from holding Amkor Technology or generate 0.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amkor Technology vs. HUMANA INC
Performance |
| Timeline |
| Amkor Technology |
| HUMANA INC |
Amkor Technology and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and HUMANA
The main advantage of trading using opposite Amkor Technology and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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