Correlation Between Amkor Technology and TENCNT
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By analyzing existing cross correlation between Amkor Technology and TENCNT 3975 11 APR 29, you can compare the effects of market volatilities on Amkor Technology and TENCNT 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 TENCNT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and TENCNT.
Diversification Opportunities for Amkor Technology and TENCNT
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Amkor and TENCNT is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and TENCNT 3975 11 APR 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TENCNT 75 11 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 TENCNT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TENCNT 75 11 has no effect on the direction of Amkor Technology i.e., Amkor Technology and TENCNT go up and down completely randomly.
Pair Corralation between Amkor Technology and TENCNT
Given the investment horizon of 90 days Amkor Technology is expected to generate 1.28 times more return on investment than TENCNT. However, Amkor Technology is 1.28 times more volatile than TENCNT 3975 11 APR 29. It trades about 0.03 of its potential returns per unit of risk. TENCNT 3975 11 APR 29 is currently generating about -0.5 per unit of risk. If you would invest 2,600 in Amkor Technology on September 13, 2024 and sell it today you would earn a total of 18.50 from holding Amkor Technology or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 13.64% |
| Values | Daily Returns |
Amkor Technology vs. TENCNT 3975 11 APR 29
Performance |
| Timeline |
| Amkor Technology |
| TENCNT 75 11 |
Amkor Technology and TENCNT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and TENCNT
The main advantage of trading using opposite Amkor Technology and TENCNT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, TENCNT 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 TENCNT will offset losses from the drop in TENCNT'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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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