Correlation Between Amkor Technology and 694308KJ5
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By analyzing existing cross correlation between Amkor Technology and PCG 615 15 JAN 33, you can compare the effects of market volatilities on Amkor Technology and 694308KJ5 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 694308KJ5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and 694308KJ5.
Diversification Opportunities for Amkor Technology and 694308KJ5
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Amkor and 694308KJ5 is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and PCG 615 15 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PCG 615 15 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 694308KJ5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PCG 615 15 has no effect on the direction of Amkor Technology i.e., Amkor Technology and 694308KJ5 go up and down completely randomly.
Pair Corralation between Amkor Technology and 694308KJ5
Given the investment horizon of 90 days Amkor Technology is expected to under-perform the 694308KJ5. In addition to that, Amkor Technology is 3.24 times more volatile than PCG 615 15 JAN 33. It trades about -0.16 of its total potential returns per unit of risk. PCG 615 15 JAN 33 is currently generating about -0.34 per unit of volatility. If you would invest 10,352 in PCG 615 15 JAN 33 on November 4, 2024 and sell it today you would lose (501.00) from holding PCG 615 15 JAN 33 or give up 4.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Amkor Technology vs. PCG 615 15 JAN 33
Performance |
| Timeline |
| Amkor Technology |
| PCG 615 15 |
Amkor Technology and 694308KJ5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and 694308KJ5
The main advantage of trading using opposite Amkor Technology and 694308KJ5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, 694308KJ5 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 694308KJ5 will offset losses from the drop in 694308KJ5's long position.| Amkor Technology vs. First Solar | Amkor Technology vs. Sunrun Inc | Amkor Technology vs. Canadian Solar | Amkor Technology vs. SolarEdge Technologies |
| 694308KJ5 vs. McGrath RentCorp | 694308KJ5 vs. Lendlease Global Commercial | 694308KJ5 vs. Flanigans Enterprises | 694308KJ5 vs. BJs Restaurants |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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