Correlation Between AMP and E79 Gold
Can any of the company-specific risk be diversified away by investing in both AMP and E79 Gold 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 AMP and E79 Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AMP and E79 Gold Mines, you can compare the effects of market volatilities on AMP and E79 Gold 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 AMP with a short position of E79 Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMP and E79 Gold.
Diversification Opportunities for AMP and E79 Gold
Pay attention - limited upside
The 3 months correlation between AMP and E79 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AMP and E79 Gold Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on E79 Gold Mines and AMP 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 AMP are associated (or correlated) with E79 Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of E79 Gold Mines has no effect on the direction of AMP i.e., AMP and E79 Gold go up and down completely randomly.
Pair Corralation between AMP and E79 Gold
If you would invest 0.00 in E79 Gold Mines on November 18, 2024 and sell it today you would earn a total of 0.00 from holding E79 Gold Mines or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
AMP vs. E79 Gold Mines
Performance |
| Timeline |
| AMP |
| E79 Gold Mines |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
AMP and E79 Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMP and E79 Gold
The main advantage of trading using opposite AMP and E79 Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMP position performs unexpectedly, E79 Gold 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 E79 Gold will offset losses from the drop in E79 Gold's long position.| AMP vs. Carnegie Clean Energy | AMP vs. Iron Road | AMP vs. Bluescope Steel | AMP vs. Macquarie Technology Group |
| E79 Gold vs. Autosports Group | E79 Gold vs. Queste Communications | E79 Gold vs. Retail Food Group | E79 Gold vs. Hutchison Telecommunications |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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