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Correlation Between Advanced Micro and DSP

Analyzing existing cross correlation between Advanced Micro Devices and DSP Group. You can compare the effects of market volatilities on Advanced Micro and DSP 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 Advanced Micro with a short position of DSP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advanced Micro and DSP.
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Comparative Performance

Advanced Micro Devices  
1818

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Advanced Micro Devices are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days. In spite of rather unsteady fundamental drivers, Advanced Micro exhibited solid returns over the last few months and may actually be approaching a breakup point.
DSP Group  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in DSP Group are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. In spite of rather unsteady fundamental drivers, DSP may actually be approaching a critical reversion point that can send shares even higher in March 2020.

Advanced Micro and DSP Volatility Contrast

 Predicted Return Density 
    
  Returns 

Advanced Micro Devices Inc  vs.  DSP Group Inc

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, Advanced Micro Devices is expected to generate 1.31 times more return on investment than DSP. However, Advanced Micro is 1.31 times more volatile than DSP Group. It trades about 0.27 of its potential returns per unit of risk. DSP Group is currently generating about 0.08 per unit of risk. If you would invest  3,952  in Advanced Micro Devices on January 20, 2020 and sell it today you would earn a total of  1,737  from holding Advanced Micro Devices or generate 43.95% return on investment over 30 days.

Pair Corralation between Advanced Micro and DSP

0.61
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Advanced Micro and DSP

Advanced Micro Devices Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Advanced Micro Devices Inc and DSP Group Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DSP Group and Advanced 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 Advanced Micro Devices are associated (or correlated) with DSP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DSP Group has no effect on the direction of Advanced Micro i.e. Advanced Micro and DSP go up and down completely randomly.
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