Correlation Between AGF Management and Altair Resources
Can any of the company-specific risk be diversified away by investing in both AGF Management and Altair Resources 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 AGF Management and Altair Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGF Management Limited and Altair Resources, you can compare the effects of market volatilities on AGF Management and Altair Resources 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 AGF Management with a short position of Altair Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF Management and Altair Resources.
Diversification Opportunities for AGF Management and Altair Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGF and Altair is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGF Management Limited and Altair Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altair Resources and AGF Management 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 AGF Management Limited are associated (or correlated) with Altair Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altair Resources has no effect on the direction of AGF Management i.e., AGF Management and Altair Resources go up and down completely randomly.
Pair Corralation between AGF Management and Altair Resources
If you would invest 1,042 in AGF Management Limited on September 1, 2024 and sell it today you would earn a total of 78.00 from holding AGF Management Limited or generate 7.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGF Management Limited vs. Altair Resources
Performance |
| Timeline |
| AGF Management |
| Altair Resources |
AGF Management and Altair Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF Management and Altair Resources
The main advantage of trading using opposite AGF Management and Altair Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF Management position performs unexpectedly, Altair Resources 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 Altair Resources will offset losses from the drop in Altair Resources' long position.| AGF Management vs. IGM Financial | AGF Management vs. CI Financial Corp | AGF Management vs. iA Financial | AGF Management vs. Transcontinental |
| Altair Resources vs. Kiplin Metals | Altair Resources vs. Pure Energy Minerals | Altair Resources vs. Noram Lithium Corp | Altair Resources vs. Minnova Corp |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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