Correlation Between Aquagold International and First Eagle
Can any of the company-specific risk be diversified away by investing in both Aquagold International and First Eagle 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 Aquagold International and First Eagle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aquagold International and First Eagle Gold, you can compare the effects of market volatilities on Aquagold International and First Eagle 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 Aquagold International with a short position of First Eagle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquagold International and First Eagle.
Diversification Opportunities for Aquagold International and First Eagle
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aquagold and FIRST is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aquagold International and First Eagle Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Eagle Gold and Aquagold International 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 Aquagold International are associated (or correlated) with First Eagle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Eagle Gold has no effect on the direction of Aquagold International i.e., Aquagold International and First Eagle go up and down completely randomly.
Pair Corralation between Aquagold International and First Eagle
If you would invest 0.60 in Aquagold International on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Aquagold International or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.67% |
| Values | Daily Returns |
Aquagold International vs. First Eagle Gold
Performance |
| Timeline |
| Aquagold International |
| First Eagle Gold |
Aquagold International and First Eagle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquagold International and First Eagle
The main advantage of trading using opposite Aquagold International and First Eagle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquagold International position performs unexpectedly, First Eagle 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 First Eagle will offset losses from the drop in First Eagle's long position.| Aquagold International vs. PepsiCo | Aquagold International vs. Coca Cola Consolidated | Aquagold International vs. Monster Beverage Corp | Aquagold International vs. Celsius Holdings |
| First Eagle vs. First Eagle Gold | First Eagle vs. Oppenheimer Gold Special | First Eagle vs. Aquagold International | First Eagle vs. Morningstar Unconstrained Allocation |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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