Correlation Between Amkor Technology and PHILIP
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By analyzing existing cross correlation between Amkor Technology and PHILIP MORRIS INTL, you can compare the effects of market volatilities on Amkor Technology and PHILIP 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 PHILIP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and PHILIP.
Diversification Opportunities for Amkor Technology and PHILIP
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Amkor and PHILIP is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and PHILIP MORRIS INTL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHILIP MORRIS INTL 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 PHILIP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHILIP MORRIS INTL has no effect on the direction of Amkor Technology i.e., Amkor Technology and PHILIP go up and down completely randomly.
Pair Corralation between Amkor Technology and PHILIP
Given the investment horizon of 90 days Amkor Technology is expected to generate 2.42 times more return on investment than PHILIP. However, Amkor Technology is 2.42 times more volatile than PHILIP MORRIS INTL. It trades about 0.0 of its potential returns per unit of risk. PHILIP MORRIS INTL is currently generating about -0.26 per unit of risk. If you would invest 2,679 in Amkor Technology on October 9, 2024 and sell it today you would lose (6.00) from holding Amkor Technology or give up 0.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Amkor Technology vs. PHILIP MORRIS INTL
Performance |
| Timeline |
| Amkor Technology |
| PHILIP MORRIS INTL |
Amkor Technology and PHILIP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and PHILIP
The main advantage of trading using opposite Amkor Technology and PHILIP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, PHILIP 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 PHILIP will offset losses from the drop in PHILIP's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| PHILIP vs. Kaiser Aluminum | PHILIP vs. ReTo Eco Solutions | PHILIP vs. National CineMedia | PHILIP vs. Western Copper and |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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