Correlation Between AGF GLOBAL and Ninepoint Bitcoin
Can any of the company-specific risk be diversified away by investing in both AGF GLOBAL and Ninepoint Bitcoin 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 GLOBAL and Ninepoint Bitcoin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGF GLOBAL OPPORTUNITIES and Ninepoint Bitcoin ETF, you can compare the effects of market volatilities on AGF GLOBAL and Ninepoint Bitcoin 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 GLOBAL with a short position of Ninepoint Bitcoin. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF GLOBAL and Ninepoint Bitcoin.
Diversification Opportunities for AGF GLOBAL and Ninepoint Bitcoin
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGF and Ninepoint is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGF GLOBAL OPPORTUNITIES and Ninepoint Bitcoin ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ninepoint Bitcoin ETF and AGF GLOBAL 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 GLOBAL OPPORTUNITIES are associated (or correlated) with Ninepoint Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ninepoint Bitcoin ETF has no effect on the direction of AGF GLOBAL i.e., AGF GLOBAL and Ninepoint Bitcoin go up and down completely randomly.
Pair Corralation between AGF GLOBAL and Ninepoint Bitcoin
If you would invest 1,858 in Ninepoint Bitcoin ETF on September 3, 2024 and sell it today you would earn a total of 635.00 from holding Ninepoint Bitcoin ETF or generate 34.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
AGF GLOBAL OPPORTUNITIES vs. Ninepoint Bitcoin ETF
Performance |
| Timeline |
| AGF GLOBAL OPPORTUNITIES |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ninepoint Bitcoin ETF |
AGF GLOBAL and Ninepoint Bitcoin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF GLOBAL and Ninepoint Bitcoin
The main advantage of trading using opposite AGF GLOBAL and Ninepoint Bitcoin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF GLOBAL position performs unexpectedly, Ninepoint Bitcoin 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 Ninepoint Bitcoin will offset losses from the drop in Ninepoint Bitcoin's long position.| AGF GLOBAL vs. AGF Global Sustainable | AGF GLOBAL vs. NBI High Yield | AGF GLOBAL vs. NBI Unconstrained Fixed | AGF GLOBAL vs. Mackenzie Developed ex North |
| Ninepoint Bitcoin vs. Ninepoint Bitcoin ETF | Ninepoint Bitcoin vs. Ninepoint Energy | Ninepoint Bitcoin vs. Ninepoint Web3 Innovators | Ninepoint Bitcoin vs. Ninepoint Energy 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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