Correlation Between Agnico Eagle and First Republic
Can any of the company-specific risk be diversified away by investing in both Agnico Eagle and First Republic 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 First Republic 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 First Republic Bank, you can compare the effects of market volatilities on Agnico Eagle and First Republic 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 First Republic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agnico Eagle and First Republic.
Diversification Opportunities for Agnico Eagle and First Republic
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agnico and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines and First Republic Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Republic Bank 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 First Republic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Republic Bank has no effect on the direction of Agnico Eagle i.e., Agnico Eagle and First Republic go up and down completely randomly.
Pair Corralation between Agnico Eagle and First Republic
If you would invest 8,997 in Agnico Eagle Mines on November 29, 2024 and sell it today you would earn a total of 688.00 from holding Agnico Eagle Mines or generate 7.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Agnico Eagle Mines vs. First Republic Bank
Performance |
| Timeline |
| Agnico Eagle Mines |
| First Republic Bank |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Agnico Eagle and First Republic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agnico Eagle and First Republic
The main advantage of trading using opposite Agnico Eagle and First Republic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agnico Eagle position performs unexpectedly, First Republic 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 First Republic will offset losses from the drop in First Republic's 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 |
| First Republic vs. JBG SMITH Properties | First Republic vs. Kenon Holdings | First Republic vs. Nyxoah | First Republic vs. Lincoln Electric Holdings |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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