Correlation Between IAGLN and Ultra Clean
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By analyzing existing cross correlation between IAGLN 425 15 NOV 32 and Ultra Clean Holdings, you can compare the effects of market volatilities on IAGLN and Ultra Clean 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 IAGLN with a short position of Ultra Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of IAGLN and Ultra Clean.
Diversification Opportunities for IAGLN and Ultra Clean
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between IAGLN and Ultra is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding IAGLN 425 15 NOV 32 and Ultra Clean Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ultra Clean Holdings and IAGLN 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 IAGLN 425 15 NOV 32 are associated (or correlated) with Ultra Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ultra Clean Holdings has no effect on the direction of IAGLN i.e., IAGLN and Ultra Clean go up and down completely randomly.
Pair Corralation between IAGLN and Ultra Clean
Assuming the 90 days trading horizon IAGLN is expected to generate 1.82 times less return on investment than Ultra Clean. But when comparing it to its historical volatility, IAGLN 425 15 NOV 32 is 3.05 times less risky than Ultra Clean. It trades about 0.03 of its potential returns per unit of risk. Ultra Clean Holdings is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,676 in Ultra Clean Holdings on September 2, 2024 and sell it today you would earn a total of 167.00 from holding Ultra Clean Holdings or generate 4.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 25.81% |
| Values | Daily Returns |
IAGLN 425 15 NOV 32 vs. Ultra Clean Holdings
Performance |
| Timeline |
| IAGLN 425 15 |
| Ultra Clean Holdings |
IAGLN and Ultra Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IAGLN and Ultra Clean
The main advantage of trading using opposite IAGLN and Ultra Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IAGLN position performs unexpectedly, Ultra Clean 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 Ultra Clean will offset losses from the drop in Ultra Clean's long position.| IAGLN vs. Apogee Enterprises | IAGLN vs. Eldorado Gold Corp | IAGLN vs. Minerals Technologies | IAGLN vs. Compania Cervecerias Unidas |
| Ultra Clean vs. NXP Semiconductors NV | Ultra Clean vs. GSI Technology | Ultra Clean vs. MaxLinear | Ultra Clean 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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