Correlation Between Mitek Systems and Amkor Technology
Can any of the company-specific risk be diversified away by investing in both Mitek Systems 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 Mitek Systems and Amkor Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mitek Systems and Amkor Technology, you can compare the effects of market volatilities on Mitek Systems 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 Mitek Systems with a short position of Amkor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mitek Systems and Amkor Technology.
Diversification Opportunities for Mitek Systems and Amkor Technology
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Mitek and Amkor is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Mitek Systems and Amkor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amkor Technology and Mitek Systems 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 Mitek Systems 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 Mitek Systems i.e., Mitek Systems and Amkor Technology go up and down completely randomly.
Pair Corralation between Mitek Systems and Amkor Technology
Given the investment horizon of 90 days Mitek Systems is expected to under-perform the Amkor Technology. But the stock apears to be less risky and, when comparing its historical volatility, Mitek Systems is 2.11 times less risky than Amkor Technology. The stock trades about -0.04 of its potential returns per unit of risk. The Amkor Technology is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 2,429 in Amkor Technology on September 4, 2025 and sell it today you would earn a total of 1,636 from holding Amkor Technology or generate 67.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mitek Systems vs. Amkor Technology
Performance |
| Timeline |
| Mitek Systems |
| Amkor Technology |
Mitek Systems and Amkor Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mitek Systems and Amkor Technology
The main advantage of trading using opposite Mitek Systems and Amkor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mitek Systems 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.| Mitek Systems vs. EvoAir Holdings | Mitek Systems vs. Evolution Mining Limited | Mitek Systems vs. Corsair Gaming | Mitek Systems vs. Pentair PLC |
| Amkor Technology vs. Diodes Incorporated | Amkor Technology vs. Daqo New Energy | Amkor Technology vs. Micron Technology | Amkor Technology vs. MagnaChip Semiconductor |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |