Correlation Between Amkor Technology and PENSKE
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By analyzing existing cross correlation between Amkor Technology and PENSKE 57 01 FEB 28, you can compare the effects of market volatilities on Amkor Technology and PENSKE 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 PENSKE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and PENSKE.
Diversification Opportunities for Amkor Technology and PENSKE
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Amkor and PENSKE is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and PENSKE 57 01 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PENSKE 57 01 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 PENSKE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PENSKE 57 01 has no effect on the direction of Amkor Technology i.e., Amkor Technology and PENSKE go up and down completely randomly.
Pair Corralation between Amkor Technology and PENSKE
Given the investment horizon of 90 days Amkor Technology is expected to generate 4.25 times more return on investment than PENSKE. However, Amkor Technology is 4.25 times more volatile than PENSKE 57 01 FEB 28. It trades about 0.1 of its potential returns per unit of risk. PENSKE 57 01 FEB 28 is currently generating about -0.17 per unit of risk. If you would invest 2,555 in Amkor Technology on September 15, 2024 and sell it today you would earn a total of 99.00 from holding Amkor Technology or generate 3.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
Amkor Technology vs. PENSKE 57 01 FEB 28
Performance |
| Timeline |
| Amkor Technology |
| PENSKE 57 01 |
Amkor Technology and PENSKE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and PENSKE
The main advantage of trading using opposite Amkor Technology and PENSKE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, PENSKE 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 PENSKE will offset losses from the drop in PENSKE's long position.| Amkor Technology vs. ON Semiconductor | Amkor Technology vs. Globalfoundries | Amkor Technology vs. Wisekey International Holding | Amkor Technology vs. Nano Labs |
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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