Correlation Between Amkor Technology and Corsair Gaming
Can any of the company-specific risk be diversified away by investing in both Amkor Technology and Corsair Gaming 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 Amkor Technology and Corsair Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amkor Technology and Corsair Gaming, you can compare the effects of market volatilities on Amkor Technology and Corsair Gaming 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 Amkor Technology with a short position of Corsair Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and Corsair Gaming.
Diversification Opportunities for Amkor Technology and Corsair Gaming
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Amkor and Corsair is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and Corsair Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Corsair Gaming and Amkor 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 Amkor Technology are associated (or correlated) with Corsair Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Corsair Gaming has no effect on the direction of Amkor Technology i.e., Amkor Technology and Corsair Gaming go up and down completely randomly.
Pair Corralation between Amkor Technology and Corsair Gaming
Given the investment horizon of 90 days Amkor Technology is expected to generate 1.01 times more return on investment than Corsair Gaming. However, Amkor Technology is 1.01 times more volatile than Corsair Gaming. It trades about 0.01 of its potential returns per unit of risk. Corsair Gaming is currently generating about -0.03 per unit of risk. If you would invest 2,877 in Amkor Technology on October 9, 2024 and sell it today you would lose (204.00) from holding Amkor Technology or give up 7.09% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 99.8% |
Values | Daily Returns |
Amkor Technology vs. Corsair Gaming
Performance |
Timeline |
Amkor Technology |
Corsair Gaming |
Amkor Technology and Corsair Gaming Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Amkor Technology and Corsair Gaming
The main advantage of trading using opposite Amkor Technology and Corsair Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor Technology position performs unexpectedly, Corsair Gaming 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 Corsair Gaming will offset losses from the drop in Corsair Gaming's long position.Amkor Technology vs. Power Integrations | Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. MACOM Technology Solutions | Amkor Technology vs. Cirrus Logic |
Corsair Gaming vs. Clover Health Investments | Corsair Gaming vs. Skillz Platform | Corsair Gaming vs. Fubotv Inc |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |