Correlation Between Antipa Minerals and Emetals
Can any of the company-specific risk be diversified away by investing in both Antipa Minerals and Emetals 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 Antipa Minerals and Emetals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Antipa Minerals and Emetals, you can compare the effects of market volatilities on Antipa Minerals and Emetals 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 Antipa Minerals with a short position of Emetals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antipa Minerals and Emetals.
Diversification Opportunities for Antipa Minerals and Emetals
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Antipa and Emetals is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Antipa Minerals and Emetals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emetals and Antipa Minerals 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 Antipa Minerals are associated (or correlated) with Emetals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emetals has no effect on the direction of Antipa Minerals i.e., Antipa Minerals and Emetals go up and down completely randomly.
Pair Corralation between Antipa Minerals and Emetals
Assuming the 90 days trading horizon Antipa Minerals is expected to generate 0.35 times more return on investment than Emetals. However, Antipa Minerals is 2.9 times less risky than Emetals. It trades about 0.06 of its potential returns per unit of risk. Emetals is currently generating about -0.13 per unit of risk. If you would invest 38.00 in Antipa Minerals on December 10, 2024 and sell it today you would earn a total of 1.00 from holding Antipa Minerals or generate 2.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Antipa Minerals vs. Emetals
Performance |
| Timeline |
| Antipa Minerals |
| Emetals |
Antipa Minerals and Emetals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Antipa Minerals and Emetals
The main advantage of trading using opposite Antipa Minerals and Emetals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antipa Minerals position performs unexpectedly, Emetals 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 Emetals will offset losses from the drop in Emetals' long position.| Antipa Minerals vs. Super Retail Group | Antipa Minerals vs. Australian Strategic Materials | Antipa Minerals vs. Black Rock Mining | Antipa Minerals vs. MetalsGrove Mining |
| Emetals vs. Northern Star Resources | Emetals vs. Alcoa Inc | Emetals vs. Evolution Mining | Emetals vs. Bluescope Steel |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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