Correlation Between Amkor Technology and Navient
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By analyzing existing cross correlation between Amkor Technology and Navient 5 percent, you can compare the effects of market volatilities on Amkor Technology and Navient 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 Navient. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Navient.
Diversification Opportunities for Amkor Technology and Navient
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Amkor and Navient is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Navient 5 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Navient 5 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 Navient. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Navient 5 percent has no effect on the direction of Amkor Technology i.e., Amkor Technology and Navient go up and down completely randomly.
Pair Corralation between Amkor Technology and Navient
Given the investment horizon of 90 days Amkor Technology is expected to under-perform the Navient. In addition to that, Amkor Technology is 1.25 times more volatile than Navient 5 percent. It trades about -0.16 of its total potential returns per unit of risk. Navient 5 percent is currently generating about -0.16 per unit of volatility. If you would invest 9,913 in Navient 5 percent on September 13, 2024 and sell it today you would lose (1,175) from holding Navient 5 percent or give up 11.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 93.02% |
| Values | Daily Returns |
Amkor Technology vs. Navient 5 percent
Performance |
| Timeline |
| Amkor Technology |
| Navient 5 percent |
Amkor Technology and Navient Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and Navient
The main advantage of trading using opposite Amkor Technology and Navient positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Navient 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 Navient will offset losses from the drop in Navient's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| Navient vs. Analog Devices | Navient vs. Ryman Hospitality Properties | Navient vs. Bt Brands | Navient 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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