Correlation Between ACG Metals and Lindblad Expeditions
Can any of the company-specific risk be diversified away by investing in both ACG Metals and Lindblad Expeditions 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 Lindblad Expeditions 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 Lindblad Expeditions Holdings, you can compare the effects of market volatilities on ACG Metals and Lindblad Expeditions 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 Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACG Metals and Lindblad Expeditions.
Diversification Opportunities for ACG Metals and Lindblad Expeditions
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ACG and Lindblad is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ACG Metals Limited and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions 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 Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of ACG Metals i.e., ACG Metals and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between ACG Metals and Lindblad Expeditions
If you would invest 940.00 in Lindblad Expeditions Holdings on September 2, 2024 and sell it today you would earn a total of 386.00 from holding Lindblad Expeditions Holdings or generate 41.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ACG Metals Limited vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| ACG Metals Limited |
| Lindblad Expeditions |
ACG Metals and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACG Metals and Lindblad Expeditions
The main advantage of trading using opposite ACG Metals and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACG Metals position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| ACG Metals vs. Legacy Education | ACG Metals vs. Apple Inc | ACG Metals vs. NVIDIA | ACG Metals vs. Microsoft |
| Lindblad Expeditions vs. Mondee Holdings | Lindblad Expeditions vs. MakeMyTrip Limited | Lindblad Expeditions vs. Tuniu Corp | Lindblad Expeditions vs. TripAdvisor |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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