Correlation Between Super League and Amkor Technology
Can any of the company-specific risk be diversified away by investing in both Super League and Amkor Technology 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 Super League and Amkor Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Super League Enterprise and Amkor Technology, you can compare the effects of market volatilities on Super League 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 Super League with a short position of Amkor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Super League and Amkor Technology.
Diversification Opportunities for Super League and Amkor Technology
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Super and Amkor is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Super League Enterprise and Amkor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amkor Technology and Super League 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 Super League Enterprise 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 Super League i.e., Super League and Amkor Technology go up and down completely randomly.
Pair Corralation between Super League and Amkor Technology
Considering the 90-day investment horizon Super League Enterprise is expected to under-perform the Amkor Technology. In addition to that, Super League is 2.6 times more volatile than Amkor Technology. It trades about -0.09 of its total potential returns per unit of risk. Amkor Technology is currently generating about -0.18 per unit of volatility. If you would invest 2,629 in Amkor Technology on December 26, 2024 and sell it today you would lose (692.00) from holding Amkor Technology or give up 26.32% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Super League Enterprise vs. Amkor Technology
Performance |
Timeline |
Super League Enterprise |
Amkor Technology |
Super League and Amkor Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Super League and Amkor Technology
The main advantage of trading using opposite Super League and Amkor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Super League 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.Super League vs. FARO Technologies | Super League vs. Radcom | Super League vs. Analog Devices | Super League vs. Senmiao Technology |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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