Correlation Between Antilles Gold and Advance Gold
Can any of the company-specific risk be diversified away by investing in both Antilles Gold 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 Antilles Gold and Advance Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Antilles Gold Limited and Advance Gold Corp, you can compare the effects of market volatilities on Antilles Gold 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 Antilles Gold with a short position of Advance Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antilles Gold and Advance Gold.
Diversification Opportunities for Antilles Gold and Advance Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Antilles and Advance is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Antilles Gold Limited 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 Antilles Gold 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 Antilles Gold Limited 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 Antilles Gold i.e., Antilles Gold and Advance Gold go up and down completely randomly.
Pair Corralation between Antilles Gold and Advance Gold
If you would invest 0.22 in Antilles Gold Limited on August 25, 2024 and sell it today you would earn a total of 0.38 from holding Antilles Gold Limited or generate 172.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Antilles Gold Limited vs. Advance Gold Corp
Performance |
| Timeline |
| Antilles Gold Limited |
| Advance Gold Corp |
Antilles Gold and Advance Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Antilles Gold and Advance Gold
The main advantage of trading using opposite Antilles Gold and Advance Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antilles Gold 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.| Antilles Gold vs. Aurion Resources | Antilles Gold vs. Liberty Gold Corp | Antilles Gold vs. Rio2 Limited | Antilles Gold vs. Orezone Gold Corp |
| Advance Gold vs. Aurion Resources | Advance Gold vs. Liberty Gold Corp | Advance Gold vs. Rio2 Limited | Advance Gold vs. Orezone Gold Corp |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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