Correlation Between Antilles Gold and Advance United
Can any of the company-specific risk be diversified away by investing in both Antilles Gold and Advance United 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 United 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 United Holdings, you can compare the effects of market volatilities on Antilles Gold and Advance United 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 United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antilles Gold and Advance United.
Diversification Opportunities for Antilles Gold and Advance United
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 United Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advance United Holdings 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 United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advance United Holdings has no effect on the direction of Antilles Gold i.e., Antilles Gold and Advance United go up and down completely randomly.
Pair Corralation between Antilles Gold and Advance United
If you would invest 0.12 in Antilles Gold Limited on November 4, 2024 and sell it today you would earn a total of 0.16 from holding Antilles Gold Limited or generate 133.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Antilles Gold Limited vs. Advance United Holdings
Performance |
| Timeline |
| Antilles Gold Limited |
| Advance United Holdings |
Antilles Gold and Advance United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Antilles Gold and Advance United
The main advantage of trading using opposite Antilles Gold and Advance United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antilles Gold position performs unexpectedly, Advance United 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 United will offset losses from the drop in Advance United's long position.| Antilles Gold vs. Antioquia Gold | Antilles Gold vs. Asante Gold | Antilles Gold vs. Allegiant Gold | Antilles Gold vs. Big Ridge Gold |
| Advance United vs. Argo Gold | Advance United vs. Blue Star Gold | Advance United vs. Angkor Resources Corp | Advance United vs. Advance 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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