Correlation Between Intel and Camtek
Can any of the company-specific risk be diversified away by investing in both Intel and Camtek 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 Intel and Camtek into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Camtek, you can compare the effects of market volatilities on Intel and Camtek 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 Intel with a short position of Camtek. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Camtek.
Diversification Opportunities for Intel and Camtek
Very good diversification
The 3 months correlation between Intel and Camtek is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Camtek in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Camtek and Intel 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 Intel are associated (or correlated) with Camtek. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Camtek has no effect on the direction of Intel i.e., Intel and Camtek go up and down completely randomly.
Pair Corralation between Intel and Camtek
Given the investment horizon of 90 days Intel is expected to under-perform the Camtek. But the stock apears to be less risky and, when comparing its historical volatility, Intel is 1.75 times less risky than Camtek. The stock trades about -0.03 of its potential returns per unit of risk. The Camtek is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 9,086 in Camtek on November 9, 2024 and sell it today you would earn a total of 45.00 from holding Camtek or generate 0.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. Camtek
Performance |
| Timeline |
| Intel |
| Camtek |
Intel and Camtek Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Camtek
The main advantage of trading using opposite Intel and Camtek positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Camtek 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 Camtek will offset losses from the drop in Camtek's long position.| Intel vs. Great Western Minerals | Intel vs. Enterprise Bancorp | Intel vs. T Rowe Price | Intel vs. Aviat Networks |
| Camtek vs. Onto Innovation | Camtek vs. Amtech Systems | Camtek vs. Veeco Instruments | Camtek vs. Ichor Holdings |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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