Correlation Between Atomera and Lasertec
Can any of the company-specific risk be diversified away by investing in both Atomera and Lasertec 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 Atomera and Lasertec into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atomera and Lasertec, you can compare the effects of market volatilities on Atomera and Lasertec 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 Atomera with a short position of Lasertec. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atomera and Lasertec.
Diversification Opportunities for Atomera and Lasertec
Pay attention - limited upside
The 3 months correlation between Atomera and Lasertec is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Atomera and Lasertec in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lasertec and Atomera 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 Atomera are associated (or correlated) with Lasertec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lasertec has no effect on the direction of Atomera i.e., Atomera and Lasertec go up and down completely randomly.
Pair Corralation between Atomera and Lasertec
Given the investment horizon of 90 days Atomera is expected to under-perform the Lasertec. In addition to that, Atomera is 10.21 times more volatile than Lasertec. It trades about -0.21 of its total potential returns per unit of risk. Lasertec is currently generating about 0.34 per unit of volatility. If you would invest 9,702 in Lasertec on November 5, 2024 and sell it today you would earn a total of 828.00 from holding Lasertec or generate 8.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Atomera vs. Lasertec
Performance |
| Timeline |
| Atomera |
| Lasertec |
Atomera and Lasertec Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atomera and Lasertec
The main advantage of trading using opposite Atomera and Lasertec positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atomera position performs unexpectedly, Lasertec 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 Lasertec will offset losses from the drop in Lasertec's long position.| Atomera vs. Axcelis Technologies | Atomera vs. inTest | Atomera vs. Lam Research Corp | Atomera vs. Photronics |
| Lasertec vs. Sumco Corp ADR | Lasertec vs. Asm Pacific Technology | Lasertec vs. Disco Corp ADR | Lasertec vs. Tokyo Electron |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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