Correlation Between Amkor Technology and 88579YBJ9
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By analyzing existing cross correlation between Amkor Technology and 3M CO, you can compare the effects of market volatilities on Amkor Technology and 88579YBJ9 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 88579YBJ9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and 88579YBJ9.
Diversification Opportunities for Amkor Technology and 88579YBJ9
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Amkor and 88579YBJ9 is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and 3M CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 88579YBJ9 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 88579YBJ9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 88579YBJ9 has no effect on the direction of Amkor Technology i.e., Amkor Technology and 88579YBJ9 go up and down completely randomly.
Pair Corralation between Amkor Technology and 88579YBJ9
Given the investment horizon of 90 days Amkor Technology is expected to under-perform the 88579YBJ9. In addition to that, Amkor Technology is 3.42 times more volatile than 3M CO. It trades about -0.13 of its total potential returns per unit of risk. 3M CO is currently generating about -0.14 per unit of volatility. If you would invest 9,022 in 3M CO on August 30, 2024 and sell it today you would lose (192.00) from holding 3M CO or give up 2.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Amkor Technology vs. 3M CO
Performance |
| Timeline |
| Amkor Technology |
| 88579YBJ9 |
Amkor Technology and 88579YBJ9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and 88579YBJ9
The main advantage of trading using opposite Amkor Technology and 88579YBJ9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, 88579YBJ9 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 88579YBJ9 will offset losses from the drop in 88579YBJ9's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| 88579YBJ9 vs. Payoneer Global | 88579YBJ9 vs. Digi International | 88579YBJ9 vs. Amkor Technology | 88579YBJ9 vs. Where Food Comes |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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