Correlation Between Falcon Energy and Maple Peak
Can any of the company-specific risk be diversified away by investing in both Falcon Energy and Maple Peak 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 Falcon Energy and Maple Peak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Falcon Energy Materials and Maple Peak Investments, you can compare the effects of market volatilities on Falcon Energy and Maple Peak 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 Falcon Energy with a short position of Maple Peak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Falcon Energy and Maple Peak.
Diversification Opportunities for Falcon Energy and Maple Peak
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Falcon and Maple is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Falcon Energy Materials and Maple Peak Investments in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maple Peak Investments and Falcon Energy 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 Falcon Energy Materials are associated (or correlated) with Maple Peak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maple Peak Investments has no effect on the direction of Falcon Energy i.e., Falcon Energy and Maple Peak go up and down completely randomly.
Pair Corralation between Falcon Energy and Maple Peak
If you would invest 46.00 in Falcon Energy Materials on September 3, 2024 and sell it today you would earn a total of 39.00 from holding Falcon Energy Materials or generate 84.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.32% |
| Values | Daily Returns |
Falcon Energy Materials vs. Maple Peak Investments
Performance |
| Timeline |
| Falcon Energy Materials |
| Maple Peak Investments |
Falcon Energy and Maple Peak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Falcon Energy and Maple Peak
The main advantage of trading using opposite Falcon Energy and Maple Peak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Falcon Energy position performs unexpectedly, Maple Peak 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 Maple Peak will offset losses from the drop in Maple Peak's long position.| Falcon Energy vs. Teck Resources Limited | Falcon Energy vs. Ivanhoe Mines | Falcon Energy vs. Filo Mining Corp | Falcon Energy vs. Sigma Lithium Resources |
| Maple Peak vs. Brookfield Asset Management | Maple Peak vs. MAG Silver Corp | Maple Peak vs. NeXGold Mining Corp | Maple Peak vs. Doman Building Materials |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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