Correlation Between Amkor Technology and SOUTHERN
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By analyzing existing cross correlation between Amkor Technology and SOUTHERN CALIF GAS, you can compare the effects of market volatilities on Amkor Technology and SOUTHERN 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 SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and SOUTHERN.
Diversification Opportunities for Amkor Technology and SOUTHERN
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Amkor and SOUTHERN is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and SOUTHERN CALIF GAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN CALIF GAS 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 SOUTHERN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOUTHERN CALIF GAS has no effect on the direction of Amkor Technology i.e., Amkor Technology and SOUTHERN go up and down completely randomly.
Pair Corralation between Amkor Technology and SOUTHERN
Given the investment horizon of 90 days Amkor Technology is expected to under-perform the SOUTHERN. In addition to that, Amkor Technology is 2.75 times more volatile than SOUTHERN CALIF GAS. It trades about -0.04 of its total potential returns per unit of risk. SOUTHERN CALIF GAS is currently generating about 0.01 per unit of volatility. If you would invest 8,542 in SOUTHERN CALIF GAS on September 4, 2024 and sell it today you would earn a total of 34.00 from holding SOUTHERN CALIF GAS or generate 0.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 68.75% |
| Values | Daily Returns |
Amkor Technology vs. SOUTHERN CALIF GAS
Performance |
| Timeline |
| Amkor Technology |
| SOUTHERN CALIF GAS |
Amkor Technology and SOUTHERN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and SOUTHERN
The main advantage of trading using opposite Amkor Technology and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, SOUTHERN 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 SOUTHERN will offset losses from the drop in SOUTHERN's long position.| Amkor Technology vs. NXP Semiconductors NV | Amkor Technology vs. Analog Devices | Amkor Technology vs. Monolithic Power Systems | Amkor Technology vs. ON Semiconductor |
| SOUTHERN vs. Tower Semiconductor | SOUTHERN vs. Amkor Technology | SOUTHERN vs. Bluerock Homes Trust | SOUTHERN vs. Morgan Stanley |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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