Correlation Between AGF American and Tangerine Equity
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By analyzing existing cross correlation between AGF American Growth and Tangerine Equity Growth, you can compare the effects of market volatilities on AGF American and Tangerine Equity 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 American with a short position of Tangerine Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF American and Tangerine Equity.
Diversification Opportunities for AGF American and Tangerine Equity
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between AGF and Tangerine is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding AGF American Growth and Tangerine Equity Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tangerine Equity Growth and AGF American 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 American Growth are associated (or correlated) with Tangerine Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tangerine Equity Growth has no effect on the direction of AGF American i.e., AGF American and Tangerine Equity go up and down completely randomly.
Pair Corralation between AGF American and Tangerine Equity
Assuming the 90 days trading horizon AGF American Growth is expected to generate 1.49 times more return on investment than Tangerine Equity. However, AGF American is 1.49 times more volatile than Tangerine Equity Growth. It trades about 0.16 of its potential returns per unit of risk. Tangerine Equity Growth is currently generating about 0.13 per unit of risk. If you would invest 5,770 in AGF American Growth on September 3, 2024 and sell it today you would earn a total of 1,530 from holding AGF American Growth or generate 26.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.4% |
| Values | Daily Returns |
AGF American Growth vs. Tangerine Equity Growth
Performance |
| Timeline |
| AGF American Growth |
| Tangerine Equity Growth |
AGF American and Tangerine Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF American and Tangerine Equity
The main advantage of trading using opposite AGF American and Tangerine Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF American position performs unexpectedly, Tangerine Equity 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 Tangerine Equity will offset losses from the drop in Tangerine Equity's long position.| AGF American vs. RBC Select Balanced | AGF American vs. RBC Portefeuille de | AGF American vs. Edgepoint Global Portfolio | AGF American vs. TD Comfort Balanced |
| Tangerine Equity vs. Tangerine Balanced Growth | Tangerine Equity vs. Fidelity Tactical High | Tangerine Equity vs. Fidelity ClearPath 2045 | Tangerine Equity vs. Global Healthcare Income |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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