Correlation Between Rubicon Technology and Entegris
Can any of the company-specific risk be diversified away by investing in both Rubicon Technology and Entegris 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 Rubicon Technology and Entegris into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rubicon Technology and Entegris, you can compare the effects of market volatilities on Rubicon Technology and Entegris 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 Rubicon Technology with a short position of Entegris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rubicon Technology and Entegris.
Diversification Opportunities for Rubicon Technology and Entegris
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Rubicon and Entegris is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Rubicon Technology and Entegris in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Entegris and Rubicon Technology 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 Rubicon Technology are associated (or correlated) with Entegris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Entegris has no effect on the direction of Rubicon Technology i.e., Rubicon Technology and Entegris go up and down completely randomly.
Pair Corralation between Rubicon Technology and Entegris
If you would invest 10,471 in Entegris on September 1, 2024 and sell it today you would earn a total of 92.00 from holding Entegris or generate 0.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Rubicon Technology vs. Entegris
Performance |
| Timeline |
| Rubicon Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Entegris |
Rubicon Technology and Entegris Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rubicon Technology and Entegris
The main advantage of trading using opposite Rubicon Technology and Entegris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rubicon Technology position performs unexpectedly, Entegris 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 Entegris will offset losses from the drop in Entegris' long position.| Rubicon Technology vs. Axcelis Technologies | Rubicon Technology vs. inTest | Rubicon Technology vs. Lam Research Corp | Rubicon Technology vs. Photronics |
| Entegris vs. NXP Semiconductors NV | Entegris vs. GSI Technology | Entegris vs. MaxLinear | Entegris vs. Texas Instruments Incorporated |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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