Correlation Between Smurfit and Amkor Technology
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By analyzing existing cross correlation between Smurfit Kappa Group and Amkor Technology, you can compare the effects of market volatilities on Smurfit 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 Smurfit with a short position of Amkor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Smurfit and Amkor Technology.
Diversification Opportunities for Smurfit and Amkor Technology
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Smurfit and Amkor is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Smurfit Kappa Group and Amkor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amkor Technology and Smurfit 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 Smurfit Kappa Group 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 Smurfit i.e., Smurfit and Amkor Technology go up and down completely randomly.
Pair Corralation between Smurfit and Amkor Technology
Assuming the 90 days trading horizon Smurfit is expected to generate 5.09 times less return on investment than Amkor Technology. But when comparing it to its historical volatility, Smurfit Kappa Group is 17.03 times less risky than Amkor Technology. It trades about 0.09 of its potential returns per unit of risk. Amkor Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 2,600 in Amkor Technology on September 13, 2024 and sell it today you would earn a total of 18.50 from holding Amkor Technology or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 63.64% |
| Values | Daily Returns |
Smurfit Kappa Group vs. Amkor Technology
Performance |
| Timeline |
| Smurfit Kappa Group |
| Amkor Technology |
Smurfit and Amkor Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Smurfit and Amkor Technology
The main advantage of trading using opposite Smurfit and Amkor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Smurfit 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.| Smurfit vs. Aris Water Solutions | Smurfit vs. Vistra Energy Corp | Smurfit vs. NRG Energy | Smurfit vs. CenterPoint Energy |
| Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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