Correlation Between Elmos Semiconductor and Kulicke
Can any of the company-specific risk be diversified away by investing in both Elmos Semiconductor 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 Elmos Semiconductor and Kulicke into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elmos Semiconductor SE and Kulicke and Soffa, you can compare the effects of market volatilities on Elmos Semiconductor 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 Elmos Semiconductor with a short position of Kulicke. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elmos Semiconductor and Kulicke.
Diversification Opportunities for Elmos Semiconductor and Kulicke
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elmos and Kulicke is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Elmos Semiconductor SE 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 Elmos Semiconductor 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 Elmos Semiconductor SE 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 Elmos Semiconductor i.e., Elmos Semiconductor and Kulicke go up and down completely randomly.
Pair Corralation between Elmos Semiconductor and Kulicke
If you would invest 4,643 in Kulicke and Soffa on September 24, 2024 and sell it today you would earn a total of 52.00 from holding Kulicke and Soffa or generate 1.12% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 99.21% |
Values | Daily Returns |
Elmos Semiconductor SE vs. Kulicke and Soffa
Performance |
Timeline |
Elmos Semiconductor |
Kulicke and Soffa |
Elmos Semiconductor and Kulicke Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Elmos Semiconductor and Kulicke
The main advantage of trading using opposite Elmos Semiconductor and Kulicke positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elmos Semiconductor 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.Elmos Semiconductor vs. Legacy Education | Elmos Semiconductor vs. Apple Inc | Elmos Semiconductor vs. NVIDIA | Elmos Semiconductor vs. Microsoft |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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