Correlation Between Entegris and Synnex
Can any of the company-specific risk be diversified away by investing in both Entegris and Synnex 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 Entegris and Synnex into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Entegris and Synnex, you can compare the effects of market volatilities on Entegris and Synnex 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 Entegris with a short position of Synnex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Entegris and Synnex.
Diversification Opportunities for Entegris and Synnex
Poor diversification
The 3 months correlation between Entegris and Synnex is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Entegris and Synnex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Synnex and Entegris 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 Entegris are associated (or correlated) with Synnex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Synnex has no effect on the direction of Entegris i.e., Entegris and Synnex go up and down completely randomly.
Pair Corralation between Entegris and Synnex
Given the investment horizon of 90 days Entegris is expected to under-perform the Synnex. In addition to that, Entegris is 2.0 times more volatile than Synnex. It trades about -0.23 of its total potential returns per unit of risk. Synnex is currently generating about -0.06 per unit of volatility. If you would invest 15,592 in Synnex on August 29, 2025 and sell it today you would lose (402.00) from holding Synnex or give up 2.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Entegris vs. Synnex
Performance |
| Timeline |
| Entegris |
| Synnex |
Entegris and Synnex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Entegris and Synnex
The main advantage of trading using opposite Entegris and Synnex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Entegris position performs unexpectedly, Synnex 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 Synnex will offset losses from the drop in Synnex's long position.| Entegris vs. Renewable Energy Trade | Entegris vs. National Retail Properties | Entegris vs. Dynasty Fine Wines | Entegris vs. Treasury Wine Estates |
| Synnex vs. Wireless Xcessories Group | Synnex vs. First Ship Lease | Synnex vs. Technology Telecommunication Acquisition | Synnex vs. T Mobile US, 5500 |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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