Correlation Between AGF Investments and ProShares
Can any of the company-specific risk be diversified away by investing in both AGF Investments and ProShares 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 AGF Investments and ProShares into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGF Investments and ProShares DJ Brookfield, you can compare the effects of market volatilities on AGF Investments and ProShares 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 AGF Investments with a short position of ProShares. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF Investments and ProShares.
Diversification Opportunities for AGF Investments and ProShares
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGF and ProShares is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGF Investments and ProShares DJ Brookfield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares DJ Brookfield and AGF Investments 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 AGF Investments are associated (or correlated) with ProShares. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares DJ Brookfield has no effect on the direction of AGF Investments i.e., AGF Investments and ProShares go up and down completely randomly.
Pair Corralation between AGF Investments and ProShares
If you would invest 4,993 in ProShares DJ Brookfield on November 28, 2024 and sell it today you would earn a total of 39.00 from holding ProShares DJ Brookfield or generate 0.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
AGF Investments vs. ProShares DJ Brookfield
Performance |
| Timeline |
| AGF Investments |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| ProShares DJ Brookfield |
AGF Investments and ProShares Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF Investments and ProShares
The main advantage of trading using opposite AGF Investments and ProShares positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF Investments position performs unexpectedly, ProShares 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 ProShares will offset losses from the drop in ProShares' long position.| AGF Investments vs. ProShares DJ Brookfield | AGF Investments vs. ClearBridge Sustainable Infrastructure | AGF Investments vs. FlexShares STOXX Global | AGF Investments vs. SPDR SP Global |
| ProShares vs. FlexShares STOXX Global | ProShares vs. SPDR SP Global | ProShares vs. iShares Infrastructure ETF | ProShares vs. iShares Global Infrastructure |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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