Correlation Between Anterix and Kulicke
Can any of the company-specific risk be diversified away by investing in both Anterix and Kulicke 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 Anterix and Kulicke into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anterix and Kulicke and Soffa, you can compare the effects of market volatilities on Anterix and Kulicke 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 Anterix with a short position of Kulicke. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anterix and Kulicke.
Diversification Opportunities for Anterix and Kulicke
Average diversification
The 3 months correlation between Anterix and Kulicke is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Anterix and Kulicke and Soffa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kulicke and Soffa and Anterix 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 Anterix are associated (or correlated) with Kulicke. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kulicke and Soffa has no effect on the direction of Anterix i.e., Anterix and Kulicke go up and down completely randomly.
Pair Corralation between Anterix and Kulicke
Given the investment horizon of 90 days Anterix is expected to under-perform the Kulicke. In addition to that, Anterix is 1.11 times more volatile than Kulicke and Soffa. It trades about -0.08 of its total potential returns per unit of risk. Kulicke and Soffa is currently generating about 0.05 per unit of volatility. If you would invest 4,422 in Kulicke and Soffa on October 15, 2024 and sell it today you would earn a total of 199.00 from holding Kulicke and Soffa or generate 4.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Anterix vs. Kulicke and Soffa
Performance |
Timeline |
Anterix |
Kulicke and Soffa |
Anterix and Kulicke Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anterix and Kulicke
The main advantage of trading using opposite Anterix and Kulicke positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anterix position performs unexpectedly, Kulicke 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 Kulicke will offset losses from the drop in Kulicke's long position.Anterix vs. Shenandoah Telecommunications Co | Anterix vs. Liberty Broadband Corp | Anterix vs. Ooma Inc | Anterix vs. IDT Corporation |
Kulicke vs. Ultra Clean Holdings | Kulicke vs. Ichor Holdings | Kulicke vs. Entegris | Kulicke vs. Amtech Systems |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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