Correlation Between ACG Metals and Agnico Eagle
Can any of the company-specific risk be diversified away by investing in both ACG Metals and Agnico Eagle 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 ACG Metals and Agnico Eagle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ACG Metals Limited and Agnico Eagle Mines, you can compare the effects of market volatilities on ACG Metals and Agnico Eagle 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 ACG Metals with a short position of Agnico Eagle. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACG Metals and Agnico Eagle.
Diversification Opportunities for ACG Metals and Agnico Eagle
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ACG and Agnico is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ACG Metals Limited and Agnico Eagle Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agnico Eagle Mines and ACG Metals 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 ACG Metals Limited are associated (or correlated) with Agnico Eagle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agnico Eagle Mines has no effect on the direction of ACG Metals i.e., ACG Metals and Agnico Eagle go up and down completely randomly.
Pair Corralation between ACG Metals and Agnico Eagle
If you would invest 7,743 in Agnico Eagle Mines on January 10, 2025 and sell it today you would earn a total of 2,270 from holding Agnico Eagle Mines or generate 29.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.03% |
| Values | Daily Returns |
ACG Metals Limited vs. Agnico Eagle Mines
Performance |
| Timeline |
| ACG Metals Limited |
| Agnico Eagle Mines |
ACG Metals and Agnico Eagle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACG Metals and Agnico Eagle
The main advantage of trading using opposite ACG Metals and Agnico Eagle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACG Metals position performs unexpectedly, Agnico Eagle 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 Agnico Eagle will offset losses from the drop in Agnico Eagle's long position.| ACG Metals vs. SkyCity Entertainment Group | ACG Metals vs. Glacier Media | ACG Metals vs. Solstad Offshore ASA | ACG Metals vs. Ubisoft Entertainment |
| Agnico Eagle vs. Constellium Nv | Agnico Eagle vs. Century Aluminum | Agnico Eagle vs. China Hongqiao Group | Agnico Eagle vs. Kaiser Aluminum |
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.
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