Correlation Between 694308KJ5 and Amkor Technology
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By analyzing existing cross correlation between PCG 615 15 JAN 33 and Amkor Technology, you can compare the effects of market volatilities on 694308KJ5 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 694308KJ5 with a short position of Amkor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of 694308KJ5 and Amkor Technology.
Diversification Opportunities for 694308KJ5 and Amkor Technology
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 694308KJ5 and Amkor is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding PCG 615 15 JAN 33 and Amkor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amkor Technology and 694308KJ5 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 PCG 615 15 JAN 33 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 694308KJ5 i.e., 694308KJ5 and Amkor Technology go up and down completely randomly.
Pair Corralation between 694308KJ5 and Amkor Technology
Assuming the 90 days trading horizon PCG 615 15 JAN 33 is expected to generate 0.31 times more return on investment than Amkor Technology. However, PCG 615 15 JAN 33 is 3.24 times less risky than Amkor Technology. It trades about -0.34 of its potential returns per unit of risk. Amkor Technology is currently generating about -0.16 per unit of risk. If you would invest 10,352 in PCG 615 15 JAN 33 on November 4, 2024 and sell it today you would lose (501.00) from holding PCG 615 15 JAN 33 or give up 4.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
PCG 615 15 JAN 33 vs. Amkor Technology
Performance |
| Timeline |
| PCG 615 15 |
| Amkor Technology |
694308KJ5 and Amkor Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 694308KJ5 and Amkor Technology
The main advantage of trading using opposite 694308KJ5 and Amkor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 694308KJ5 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.| 694308KJ5 vs. McGrath RentCorp | 694308KJ5 vs. Lendlease Global Commercial | 694308KJ5 vs. Flanigans Enterprises | 694308KJ5 vs. BJs Restaurants |
| Amkor Technology vs. First Solar | Amkor Technology vs. Sunrun Inc | Amkor Technology vs. Canadian Solar | Amkor Technology vs. SolarEdge Technologies |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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