Correlation Between Amkor Technology and Smurfit
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By analyzing existing cross correlation between Amkor Technology and Smurfit Kappa Group, you can compare the effects of market volatilities on Amkor Technology and Smurfit 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 Smurfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Smurfit.
Diversification Opportunities for Amkor Technology and Smurfit
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Amkor and Smurfit is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Smurfit Kappa Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smurfit Kappa Group 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 Smurfit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smurfit Kappa Group has no effect on the direction of Amkor Technology i.e., Amkor Technology and Smurfit go up and down completely randomly.
Pair Corralation between Amkor Technology and Smurfit
Given the investment horizon of 90 days Amkor Technology is expected to under-perform the Smurfit. In addition to that, Amkor Technology is 15.86 times more volatile than Smurfit Kappa Group. It trades about 0.0 of its total potential returns per unit of risk. Smurfit Kappa Group is currently generating about 0.09 per unit of volatility. If you would invest 10,225 in Smurfit Kappa Group on September 12, 2024 and sell it today you would earn a total of 14.00 from holding Smurfit Kappa Group or generate 0.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 63.64% |
| Values | Daily Returns |
Amkor Technology vs. Smurfit Kappa Group
Performance |
| Timeline |
| Amkor Technology |
| Smurfit Kappa Group |
Amkor Technology and Smurfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and Smurfit
The main advantage of trading using opposite Amkor Technology and Smurfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Smurfit 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 Smurfit will offset losses from the drop in Smurfit'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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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