Correlation Between ASE Industrial and MYLAN
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By analyzing existing cross correlation between ASE Industrial Holding and MYLAN N V, you can compare the effects of market volatilities on ASE Industrial and MYLAN 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 MYLAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASE Industrial and MYLAN.
Diversification Opportunities for ASE Industrial and MYLAN
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ASE and MYLAN is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding ASE Industrial Holding and MYLAN N V in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MYLAN N V 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 MYLAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MYLAN N V has no effect on the direction of ASE Industrial i.e., ASE Industrial and MYLAN go up and down completely randomly.
Pair Corralation between ASE Industrial and MYLAN
Considering the 90-day investment horizon ASE Industrial Holding is expected to under-perform the MYLAN. In addition to that, ASE Industrial is 1.93 times more volatile than MYLAN N V. It trades about 0.0 of its total potential returns per unit of risk. MYLAN N V is currently generating about 0.02 per unit of volatility. If you would invest 8,226 in MYLAN N V on September 3, 2024 and sell it today you would earn a total of 262.00 from holding MYLAN N V or generate 3.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ASE Industrial Holding vs. MYLAN N V
Performance |
| Timeline |
| ASE Industrial Holding |
| MYLAN N V |
ASE Industrial and MYLAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASE Industrial and MYLAN
The main advantage of trading using opposite ASE Industrial and MYLAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASE Industrial position performs unexpectedly, MYLAN 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 MYLAN will offset losses from the drop in MYLAN's long position.| ASE Industrial vs. United Microelectronics | ASE Industrial vs. Amkor Technology | ASE Industrial vs. Himax Technologies | ASE Industrial vs. Chunghwa Telecom Co |
| MYLAN vs. IPG Photonics | MYLAN vs. ASE Industrial Holding | MYLAN vs. Elmos Semiconductor SE | MYLAN vs. Solstad Offshore ASA |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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