Correlation Between Entegris and Atomera
Can any of the company-specific risk be diversified away by investing in both Entegris and Atomera 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 Entegris and Atomera into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Entegris and Atomera, you can compare the effects of market volatilities on Entegris and Atomera 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 Entegris with a short position of Atomera. Check out your portfolio center. Please also check ongoing floating volatility patterns of Entegris and Atomera.
Diversification Opportunities for Entegris and Atomera
Very good diversification
The 3 months correlation between Entegris and Atomera is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Entegris and Atomera in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atomera and Entegris 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 Entegris are associated (or correlated) with Atomera. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atomera has no effect on the direction of Entegris i.e., Entegris and Atomera go up and down completely randomly.
Pair Corralation between Entegris and Atomera
Given the investment horizon of 90 days Entegris is expected to generate 0.17 times more return on investment than Atomera. However, Entegris is 6.0 times less risky than Atomera. It trades about -0.01 of its potential returns per unit of risk. Atomera is currently generating about -0.21 per unit of risk. If you would invest 10,240 in Entegris on November 5, 2024 and sell it today you would lose (86.00) from holding Entegris or give up 0.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Entegris vs. Atomera
Performance |
| Timeline |
| Entegris |
| Atomera |
Entegris and Atomera Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Entegris and Atomera
The main advantage of trading using opposite Entegris and Atomera positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Entegris position performs unexpectedly, Atomera 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 Atomera will offset losses from the drop in Atomera's long position.| Entegris vs. Teradyne | Entegris vs. Ichor Holdings | Entegris vs. Amtech Systems | Entegris vs. Veeco Instruments |
| Atomera vs. Axcelis Technologies | Atomera vs. inTest | Atomera vs. Lam Research Corp | Atomera vs. Photronics |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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