Correlation Between ASE Industrial and 17252MAP5
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By analyzing existing cross correlation between ASE Industrial Holding and CTAS 345 01 MAY 25, you can compare the effects of market volatilities on ASE Industrial and 17252MAP5 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 ASE Industrial with a short position of 17252MAP5. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASE Industrial and 17252MAP5.
Diversification Opportunities for ASE Industrial and 17252MAP5
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between ASE and 17252MAP5 is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding ASE Industrial Holding and CTAS 345 01 MAY 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CTAS 345 01 and ASE Industrial 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 ASE Industrial Holding are associated (or correlated) with 17252MAP5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CTAS 345 01 has no effect on the direction of ASE Industrial i.e., ASE Industrial and 17252MAP5 go up and down completely randomly.
Pair Corralation between ASE Industrial and 17252MAP5
Considering the 90-day investment horizon ASE Industrial Holding is expected to generate 7.74 times more return on investment than 17252MAP5. However, ASE Industrial is 7.74 times more volatile than CTAS 345 01 MAY 25. It trades about 0.01 of its potential returns per unit of risk. CTAS 345 01 MAY 25 is currently generating about -0.13 per unit of risk. If you would invest 970.00 in ASE Industrial Holding on September 3, 2024 and sell it today you would earn a total of 2.00 from holding ASE Industrial Holding or generate 0.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
ASE Industrial Holding vs. CTAS 345 01 MAY 25
Performance |
| Timeline |
| ASE Industrial Holding |
| CTAS 345 01 |
ASE Industrial and 17252MAP5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASE Industrial and 17252MAP5
The main advantage of trading using opposite ASE Industrial and 17252MAP5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASE Industrial position performs unexpectedly, 17252MAP5 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 17252MAP5 will offset losses from the drop in 17252MAP5's long position.| ASE Industrial vs. United Microelectronics | ASE Industrial vs. Amkor Technology | ASE Industrial vs. Himax Technologies | ASE Industrial vs. Chunghwa Telecom Co |
| 17252MAP5 vs. Playtika Holding Corp | 17252MAP5 vs. KVH Industries | 17252MAP5 vs. Nextnav Acquisition Corp | 17252MAP5 vs. ASE Industrial Holding |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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