Correlation Between Aguila American and Taseko Mines
Can any of the company-specific risk be diversified away by investing in both Aguila American and Taseko Mines 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 Aguila American and Taseko Mines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aguila American Gold and Taseko Mines, you can compare the effects of market volatilities on Aguila American and Taseko Mines 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 Aguila American with a short position of Taseko Mines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aguila American and Taseko Mines.
Diversification Opportunities for Aguila American and Taseko Mines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aguila and Taseko is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aguila American Gold and Taseko Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taseko Mines and Aguila 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 Aguila American Gold are associated (or correlated) with Taseko Mines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taseko Mines has no effect on the direction of Aguila American i.e., Aguila American and Taseko Mines go up and down completely randomly.
Pair Corralation between Aguila American and Taseko Mines
If you would invest 189.00 in Taseko Mines on November 27, 2024 and sell it today you would earn a total of 16.00 from holding Taseko Mines or generate 8.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Aguila American Gold vs. Taseko Mines
Performance |
| Timeline |
| Aguila American Gold |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Taseko Mines |
Aguila American and Taseko Mines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aguila American and Taseko Mines
The main advantage of trading using opposite Aguila American and Taseko Mines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aguila American position performs unexpectedly, Taseko Mines 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 Taseko Mines will offset losses from the drop in Taseko Mines' long position.| Aguila American vs. Arizona Sonoran Copper | Aguila American vs. CopperCorp Resources | Aguila American vs. Copper Fox Metals | Aguila American vs. Bell Copper |
| Taseko Mines vs. Capstone Copper Corp | Taseko Mines vs. Hudbay Minerals | Taseko Mines vs. Ero Copper Corp | Taseko Mines vs. CopperCorp Resources |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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