Correlation Between QuickLogic and Advanced Micro
Can any of the company-specific risk be diversified away by investing in both QuickLogic and Advanced Micro 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 QuickLogic and Advanced Micro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between QuickLogic and Advanced Micro Devices, you can compare the effects of market volatilities on QuickLogic and Advanced Micro 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 QuickLogic with a short position of Advanced Micro. Check out your portfolio center. Please also check ongoing floating volatility patterns of QuickLogic and Advanced Micro.
Diversification Opportunities for QuickLogic and Advanced Micro
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between QuickLogic and Advanced is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding QuickLogic and Advanced Micro Devices in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advanced Micro Devices and QuickLogic 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 QuickLogic are associated (or correlated) with Advanced Micro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advanced Micro Devices has no effect on the direction of QuickLogic i.e., QuickLogic and Advanced Micro go up and down completely randomly.
Pair Corralation between QuickLogic and Advanced Micro
Given the investment horizon of 90 days QuickLogic is expected to generate 1.27 times more return on investment than Advanced Micro. However, QuickLogic is 1.27 times more volatile than Advanced Micro Devices. It trades about -0.04 of its potential returns per unit of risk. Advanced Micro Devices is currently generating about -0.06 per unit of risk. If you would invest 1,044 in QuickLogic on September 24, 2024 and sell it today you would lose (260.00) from holding QuickLogic or give up 24.9% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
QuickLogic vs. Advanced Micro Devices
Performance |
Timeline |
QuickLogic |
Advanced Micro Devices |
QuickLogic and Advanced Micro Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with QuickLogic and Advanced Micro
The main advantage of trading using opposite QuickLogic and Advanced Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if QuickLogic position performs unexpectedly, Advanced Micro 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 Advanced Micro will offset losses from the drop in Advanced Micro's long position.QuickLogic vs. Pixelworks | ||
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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