Correlation Between Amkor Technology and MYLAN
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By analyzing existing cross correlation between Amkor Technology and MYLAN N V, you can compare the effects of market volatilities on Amkor Technology and MYLAN 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 MYLAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and MYLAN.
Diversification Opportunities for Amkor Technology and MYLAN
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Amkor and MYLAN is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and MYLAN N V in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MYLAN N V 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 MYLAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MYLAN N V has no effect on the direction of Amkor Technology i.e., Amkor Technology and MYLAN go up and down completely randomly.
Pair Corralation between Amkor Technology and MYLAN
Given the investment horizon of 90 days Amkor Technology is expected to generate 2.55 times more return on investment than MYLAN. However, Amkor Technology is 2.55 times more volatile than MYLAN N V. It trades about 0.02 of its potential returns per unit of risk. MYLAN N V is currently generating about 0.03 per unit of risk. If you would invest 2,617 in Amkor Technology on August 31, 2024 and sell it today you would earn a total of 27.00 from holding Amkor Technology or generate 1.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.93% |
| Values | Daily Returns |
Amkor Technology vs. MYLAN N V
Performance |
| Timeline |
| Amkor Technology |
| MYLAN N V |
Amkor Technology and MYLAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and MYLAN
The main advantage of trading using opposite Amkor Technology and MYLAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, MYLAN 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 MYLAN will offset losses from the drop in MYLAN'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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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