Correlation Between Maplebear Common and Amkor Technology
Can any of the company-specific risk be diversified away by investing in both Maplebear Common and Amkor Technology 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 Maplebear Common and Amkor Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maplebear Common Stock and Amkor Technology, you can compare the effects of market volatilities on Maplebear Common and Amkor Technology 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 Maplebear Common with a short position of Amkor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maplebear Common and Amkor Technology.
Diversification Opportunities for Maplebear Common and Amkor Technology
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Maplebear and Amkor is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Maplebear Common Stock and Amkor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amkor Technology and Maplebear Common 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 Maplebear Common Stock are associated (or correlated) with Amkor Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amkor Technology has no effect on the direction of Maplebear Common i.e., Maplebear Common and Amkor Technology go up and down completely randomly.
Pair Corralation between Maplebear Common and Amkor Technology
Given the investment horizon of 90 days Maplebear Common Stock is expected to generate 1.29 times more return on investment than Amkor Technology. However, Maplebear Common is 1.29 times more volatile than Amkor Technology. It trades about -0.01 of its potential returns per unit of risk. Amkor Technology is currently generating about -0.16 per unit of risk. If you would invest 4,450 in Maplebear Common Stock on August 27, 2024 and sell it today you would lose (89.00) from holding Maplebear Common Stock or give up 2.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maplebear Common Stock vs. Amkor Technology
Performance |
| Timeline |
| Maplebear Common Stock |
| Amkor Technology |
Maplebear Common and Amkor Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maplebear Common and Amkor Technology
The main advantage of trading using opposite Maplebear Common and Amkor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maplebear Common position performs unexpectedly, Amkor Technology 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 Amkor Technology will offset losses from the drop in Amkor Technology's long position.| Maplebear Common vs. Albertsons Companies | Maplebear Common vs. Valneva SE ADR | Maplebear Common vs. National Beverage Corp | Maplebear Common vs. Natural Alternatives International |
| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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