Correlation Between Angkor Resources and Advance Gold
Can any of the company-specific risk be diversified away by investing in both Angkor Resources and Advance 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 Angkor Resources and Advance Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Angkor Resources Corp and Advance Gold Corp, you can compare the effects of market volatilities on Angkor Resources and Advance 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 Angkor Resources with a short position of Advance Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Angkor Resources and Advance Gold.
Diversification Opportunities for Angkor Resources and Advance Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Angkor and Advance is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Angkor Resources Corp and Advance Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advance Gold Corp and Angkor Resources 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 Angkor Resources Corp are associated (or correlated) with Advance Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advance Gold Corp has no effect on the direction of Angkor Resources i.e., Angkor Resources and Advance Gold go up and down completely randomly.
Pair Corralation between Angkor Resources and Advance Gold
If you would invest 0.69 in Advance Gold Corp on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Advance Gold Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Angkor Resources Corp vs. Advance Gold Corp
Performance |
| Timeline |
| Angkor Resources Corp |
| Advance Gold Corp |
Angkor Resources and Advance Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Angkor Resources and Advance Gold
The main advantage of trading using opposite Angkor Resources and Advance Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Angkor Resources position performs unexpectedly, Advance 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 Advance Gold will offset losses from the drop in Advance Gold's long position.| Angkor Resources vs. Argo Gold | Angkor Resources vs. Blue Star Gold | Angkor Resources vs. Advance Gold Corp | Angkor Resources vs. Advance United Holdings |
| Advance Gold vs. Minnova Corp | Advance Gold vs. Blue Star Gold | Advance Gold vs. Angkor Resources Corp | Advance Gold vs. Advance United Holdings |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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