Correlation Between Avino Silver and Manitex Capital
Can any of the company-specific risk be diversified away by investing in both Avino Silver and Manitex Capital 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 Avino Silver and Manitex Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Avino Silver Gold and Manitex Capital, you can compare the effects of market volatilities on Avino Silver and Manitex Capital 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 Avino Silver with a short position of Manitex Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Avino Silver and Manitex Capital.
Diversification Opportunities for Avino Silver and Manitex Capital
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Avino and Manitex is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Avino Silver Gold and Manitex Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manitex Capital and Avino Silver 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 Avino Silver Gold are associated (or correlated) with Manitex Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manitex Capital has no effect on the direction of Avino Silver i.e., Avino Silver and Manitex Capital go up and down completely randomly.
Pair Corralation between Avino Silver and Manitex Capital
If you would invest 14.00 in Manitex Capital on August 27, 2024 and sell it today you would earn a total of 0.00 from holding Manitex Capital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Avino Silver Gold vs. Manitex Capital
Performance |
| Timeline |
| Avino Silver Gold |
| Manitex Capital |
Avino Silver and Manitex Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Avino Silver and Manitex Capital
The main advantage of trading using opposite Avino Silver and Manitex Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Avino Silver position performs unexpectedly, Manitex Capital 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 Manitex Capital will offset losses from the drop in Manitex Capital's long position.| Avino Silver vs. Brookfield Investments | Avino Silver vs. Brookfield Asset Management | Avino Silver vs. Firan Technology Group | Avino Silver vs. Richelieu Hardware |
| Manitex Capital vs. Algoma Steel Group | Manitex Capital vs. QC Copper and | Manitex Capital vs. NeXGold Mining Corp | Manitex Capital vs. Metalero Mining 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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