Correlation Between Antilles Gold and 1911 Gold
Can any of the company-specific risk be diversified away by investing in both Antilles Gold and 1911 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 1911 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 1911 Gold Corp, you can compare the effects of market volatilities on Antilles Gold and 1911 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 1911 Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antilles Gold and 1911 Gold.
Diversification Opportunities for Antilles Gold and 1911 Gold
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Antilles and 1911 is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Antilles Gold Limited and 1911 Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 1911 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 1911 Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 1911 Gold Corp has no effect on the direction of Antilles Gold i.e., Antilles Gold and 1911 Gold go up and down completely randomly.
Pair Corralation between Antilles Gold and 1911 Gold
Assuming the 90 days horizon Antilles Gold Limited is expected to generate 1.08 times more return on investment than 1911 Gold. However, Antilles Gold is 1.08 times more volatile than 1911 Gold Corp. It trades about 0.23 of its potential returns per unit of risk. 1911 Gold Corp is currently generating about 0.09 per unit of risk. If you would invest 0.35 in Antilles Gold Limited on September 2, 2024 and sell it today you would earn a total of 0.25 from holding Antilles Gold Limited or generate 71.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Antilles Gold Limited vs. 1911 Gold Corp
Performance |
| Timeline |
| Antilles Gold Limited |
| 1911 Gold Corp |
Antilles Gold and 1911 Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Antilles Gold and 1911 Gold
The main advantage of trading using opposite Antilles Gold and 1911 Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antilles Gold position performs unexpectedly, 1911 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 1911 Gold will offset losses from the drop in 1911 Gold's long position.| Antilles Gold vs. Aurion Resources | Antilles Gold vs. Rio2 Limited | Antilles Gold vs. Palamina Corp | Antilles Gold vs. Grande Portage Resources |
| 1911 Gold vs. Aurion Resources | 1911 Gold vs. Rio2 Limited | 1911 Gold vs. Palamina Corp | 1911 Gold vs. Grande Portage Resources |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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