Correlation Between Ams AG and Intchains Group
Can any of the company-specific risk be diversified away by investing in both Ams AG and Intchains Group at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Ams AG and Intchains Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ams AG and Intchains Group Limited, you can compare the effects of market volatilities on Ams AG and Intchains Group 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 Ams AG with a short position of Intchains Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ams AG and Intchains Group.
Diversification Opportunities for Ams AG and Intchains Group
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ams and Intchains is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding ams AG and Intchains Group Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intchains Group and Ams AG 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 ams AG are associated (or correlated) with Intchains Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intchains Group has no effect on the direction of Ams AG i.e., Ams AG and Intchains Group go up and down completely randomly.
Pair Corralation between Ams AG and Intchains Group
Assuming the 90 days horizon ams AG is expected to under-perform the Intchains Group. In addition to that, Ams AG is 4.21 times more volatile than Intchains Group Limited. It trades about -0.24 of its total potential returns per unit of risk. Intchains Group Limited is currently generating about 0.03 per unit of volatility. If you would invest 424.00 in Intchains Group Limited on August 25, 2024 and sell it today you would earn a total of 4.00 from holding Intchains Group Limited or generate 0.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
ams AG vs. Intchains Group Limited
Performance |
| Timeline |
| ams AG |
| Intchains Group |
Ams AG and Intchains Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ams AG and Intchains Group
The main advantage of trading using opposite Ams AG and Intchains Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ams AG position performs unexpectedly, Intchains Group 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 Intchains Group will offset losses from the drop in Intchains Group's long position.| Ams AG vs. NVIDIA | Ams AG vs. Intel | Ams AG vs. Taiwan Semiconductor Manufacturing | Ams AG vs. Marvell Technology Group |
| Intchains Group vs. Teradyne | Intchains Group vs. Ichor Holdings | Intchains Group vs. Amtech Systems | Intchains Group vs. Veeco Instruments |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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