Correlation Between Agnico Eagle and Mangazeya Mining
Can any of the company-specific risk be diversified away by investing in both Agnico Eagle and Mangazeya Mining 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 Mangazeya Mining 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 Mangazeya Mining, you can compare the effects of market volatilities on Agnico Eagle and Mangazeya Mining 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 Mangazeya Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agnico Eagle and Mangazeya Mining.
Diversification Opportunities for Agnico Eagle and Mangazeya Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agnico and Mangazeya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines and Mangazeya Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mangazeya Mining 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 Mangazeya Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mangazeya Mining has no effect on the direction of Agnico Eagle i.e., Agnico Eagle and Mangazeya Mining go up and down completely randomly.
Pair Corralation between Agnico Eagle and Mangazeya Mining
If you would invest 5,061 in Agnico Eagle Mines on September 14, 2024 and sell it today you would earn a total of 3,312 from holding Agnico Eagle Mines or generate 65.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Agnico Eagle Mines vs. Mangazeya Mining
Performance |
| Timeline |
| Agnico Eagle Mines |
| Mangazeya Mining |
Agnico Eagle and Mangazeya Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agnico Eagle and Mangazeya Mining
The main advantage of trading using opposite Agnico Eagle and Mangazeya Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agnico Eagle position performs unexpectedly, Mangazeya Mining 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 Mangazeya Mining will offset losses from the drop in Mangazeya Mining's long position.| Agnico Eagle vs. Fortitude Gold Corp | Agnico Eagle vs. New Gold | Agnico Eagle vs. Galiano Gold | Agnico Eagle vs. GoldMining |
| Mangazeya Mining vs. Fortuna Silver Mines | Mangazeya Mining vs. Pan American Silver | Mangazeya Mining vs. Harmony Gold Mining | Mangazeya Mining vs. IAMGold |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |