Correlation Between Agnico Eagle and GasLog
Can any of the company-specific risk be diversified away by investing in both Agnico Eagle and GasLog 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 GasLog 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 GasLog, you can compare the effects of market volatilities on Agnico Eagle and GasLog 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 GasLog. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agnico Eagle and GasLog.
Diversification Opportunities for Agnico Eagle and GasLog
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agnico and GasLog is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines and GasLog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GasLog 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 GasLog. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GasLog has no effect on the direction of Agnico Eagle i.e., Agnico Eagle and GasLog go up and down completely randomly.
Pair Corralation between Agnico Eagle and GasLog
If you would invest 7,678 in Agnico Eagle Mines on September 13, 2024 and sell it today you would earn a total of 916.00 from holding Agnico Eagle Mines or generate 11.93% 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. GasLog
Performance |
| Timeline |
| Agnico Eagle Mines |
| GasLog |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Agnico Eagle and GasLog Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agnico Eagle and GasLog
The main advantage of trading using opposite Agnico Eagle and GasLog positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agnico Eagle position performs unexpectedly, GasLog 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 GasLog will offset losses from the drop in GasLog's long position.| Agnico Eagle vs. Fortitude Gold Corp | Agnico Eagle vs. New Gold | Agnico Eagle vs. Galiano Gold | Agnico Eagle vs. GoldMining |
| GasLog vs. Kinsale Capital Group | GasLog vs. Sun Life Financial | GasLog vs. Univest Pennsylvania | GasLog vs. Sabre Insurance Group |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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