Correlation Between Aurelia Metals and American Battery
Can any of the company-specific risk be diversified away by investing in both Aurelia Metals and American Battery 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 Aurelia Metals and American Battery into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aurelia Metals Limited and American Battery Metals, you can compare the effects of market volatilities on Aurelia Metals and American Battery 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 Aurelia Metals with a short position of American Battery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aurelia Metals and American Battery.
Diversification Opportunities for Aurelia Metals and American Battery
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aurelia and American is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aurelia Metals Limited and American Battery Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Battery Metals and Aurelia Metals 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 Aurelia Metals Limited are associated (or correlated) with American Battery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Battery Metals has no effect on the direction of Aurelia Metals i.e., Aurelia Metals and American Battery go up and down completely randomly.
Pair Corralation between Aurelia Metals and American Battery
If you would invest 4.50 in Aurelia Metals Limited on December 11, 2024 and sell it today you would earn a total of 8.50 from holding Aurelia Metals Limited or generate 188.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Aurelia Metals Limited vs. American Battery Metals
Performance |
| Timeline |
| Aurelia Metals |
| American Battery Metals |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Aurelia Metals and American Battery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aurelia Metals and American Battery
The main advantage of trading using opposite Aurelia Metals and American Battery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aurelia Metals position performs unexpectedly, American Battery 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 American Battery will offset losses from the drop in American Battery's long position.| Aurelia Metals vs. Champion Bear Resources | ||
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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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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