Correlation Between Amkor Technology and Volcan
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By analyzing existing cross correlation between Amkor Technology and Volcan Compania Minera, you can compare the effects of market volatilities on Amkor Technology and Volcan 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 Volcan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Volcan.
Diversification Opportunities for Amkor Technology and Volcan
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Amkor and Volcan is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Volcan Compania Minera in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Volcan Compania Minera 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 Volcan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Volcan Compania Minera has no effect on the direction of Amkor Technology i.e., Amkor Technology and Volcan go up and down completely randomly.
Pair Corralation between Amkor Technology and Volcan
Given the investment horizon of 90 days Amkor Technology is expected to generate 0.83 times more return on investment than Volcan. However, Amkor Technology is 1.2 times less risky than Volcan. It trades about 0.02 of its potential returns per unit of risk. Volcan Compania Minera is currently generating about 0.01 per unit of risk. If you would invest 2,351 in Amkor Technology on September 14, 2024 and sell it today you would earn a total of 299.50 from holding Amkor Technology or generate 12.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 82.22% |
| Values | Daily Returns |
Amkor Technology vs. Volcan Compania Minera
Performance |
| Timeline |
| Amkor Technology |
| Volcan Compania Minera |
Amkor Technology and Volcan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and Volcan
The main advantage of trading using opposite Amkor Technology and Volcan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Volcan 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 Volcan will offset losses from the drop in Volcan's long position.| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
| Volcan vs. Elmos Semiconductor SE | Volcan vs. Weibo Corp | Volcan vs. Teradyne | Volcan vs. Amkor Technology |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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