Correlation Between Agnico Eagle and ACG Metals
Can any of the company-specific risk be diversified away by investing in both Agnico Eagle and ACG Metals 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 Agnico Eagle and ACG Metals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agnico Eagle Mines and ACG Metals Limited, you can compare the effects of market volatilities on Agnico Eagle and ACG Metals 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 Agnico Eagle with a short position of ACG Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agnico Eagle and ACG Metals.
Diversification Opportunities for Agnico Eagle and ACG Metals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agnico and ACG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines and ACG Metals Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACG Metals Limited and Agnico Eagle 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 Agnico Eagle Mines are associated (or correlated) with ACG Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACG Metals Limited has no effect on the direction of Agnico Eagle i.e., Agnico Eagle and ACG Metals go up and down completely randomly.
Pair Corralation between Agnico Eagle and ACG Metals
If you would invest 4,755 in Agnico Eagle Mines on August 27, 2024 and sell it today you would earn a total of 3,675 from holding Agnico Eagle Mines or generate 77.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agnico Eagle Mines vs. ACG Metals Limited
Performance |
| Timeline |
| Agnico Eagle Mines |
| ACG Metals Limited |
Agnico Eagle and ACG Metals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agnico Eagle and ACG Metals
The main advantage of trading using opposite Agnico Eagle and ACG Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agnico Eagle position performs unexpectedly, ACG Metals 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 ACG Metals will offset losses from the drop in ACG Metals' long position.| Agnico Eagle vs. Wheaton Precious Metals | Agnico Eagle vs. Newmont Goldcorp Corp | Agnico Eagle vs. Kinross Gold | Agnico Eagle vs. Gold Fields Ltd |
| ACG Metals vs. BioNTech SE | ACG Metals vs. Turning Point Brands | ACG Metals vs. Keurig Dr Pepper | ACG Metals vs. Constellation Brands Class |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |