Correlation Between Ingram Micro and Advanced Micro
Can any of the company-specific risk be diversified away by investing in both Ingram Micro 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 Ingram Micro and Advanced Micro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ingram Micro and Advanced Micro Devices, you can compare the effects of market volatilities on Ingram Micro 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 Ingram Micro with a short position of Advanced Micro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingram Micro and Advanced Micro.
Diversification Opportunities for Ingram Micro and Advanced Micro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ingram and Advanced is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ingram Micro 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 Ingram Micro 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 Ingram Micro 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 Ingram Micro i.e., Ingram Micro and Advanced Micro go up and down completely randomly.
Pair Corralation between Ingram Micro and Advanced Micro
If you would invest 17,800 in Advanced Micro Devices on December 29, 2023 and sell it today you would earn a total of 159.00 from holding Advanced Micro Devices or generate 0.89% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Ingram Micro vs. Advanced Micro Devices
Performance |
Timeline |
Ingram Micro |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Advanced Micro Devices |
Ingram Micro and Advanced Micro Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ingram Micro and Advanced Micro
The main advantage of trading using opposite Ingram Micro and Advanced Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingram Micro 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.Ingram Micro vs. Skyline | Ingram Micro vs. Glacier Bancorp | Ingram Micro vs. DR Horton | Ingram Micro vs. Parker Hannifin |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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