Correlation Between Eagle Pointome and Ag Growth
Can any of the company-specific risk be diversified away by investing in both Eagle Pointome and Ag Growth 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 Eagle Pointome and Ag Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eagle Pointome and Ag Growth International, you can compare the effects of market volatilities on Eagle Pointome and Ag Growth 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 Eagle Pointome with a short position of Ag Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eagle Pointome and Ag Growth.
Diversification Opportunities for Eagle Pointome and Ag Growth
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Eagle and AGGZF is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Eagle Pointome and Ag Growth International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ag Growth International and Eagle Pointome 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 Eagle Pointome are associated (or correlated) with Ag Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ag Growth International has no effect on the direction of Eagle Pointome i.e., Eagle Pointome and Ag Growth go up and down completely randomly.
Pair Corralation between Eagle Pointome and Ag Growth
Considering the 90-day investment horizon Eagle Pointome is expected to generate 0.36 times more return on investment than Ag Growth. However, Eagle Pointome is 2.77 times less risky than Ag Growth. It trades about 0.08 of its potential returns per unit of risk. Ag Growth International is currently generating about -0.02 per unit of risk. If you would invest 1,094 in Eagle Pointome on November 2, 2024 and sell it today you would earn a total of 476.00 from holding Eagle Pointome or generate 43.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 74.9% |
| Values | Daily Returns |
Eagle Pointome vs. Ag Growth International
Performance |
| Timeline |
| Eagle Pointome |
| Ag Growth International |
Eagle Pointome and Ag Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eagle Pointome and Ag Growth
The main advantage of trading using opposite Eagle Pointome and Ag Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eagle Pointome position performs unexpectedly, Ag Growth 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 Ag Growth will offset losses from the drop in Ag Growth's long position.| Eagle Pointome vs. XAI Octagon Floating | Eagle Pointome vs. Eagle Point Credit | Eagle Pointome vs. Ares Dynamic Credit | Eagle Pointome vs. Kkr Income Opportunities |
| Ag Growth vs. First Tractor | Ag Growth vs. AmeraMex International | Ag Growth vs. Arts Way Manufacturing Co | Ag Growth vs. American Premium Water |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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