Correlation Between IA Financial and Altair Resources
Can any of the company-specific risk be diversified away by investing in both IA Financial and Altair Resources 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 IA Financial and Altair Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between iA Financial and Altair Resources, you can compare the effects of market volatilities on IA Financial and Altair Resources 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 IA Financial with a short position of Altair Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of IA Financial and Altair Resources.
Diversification Opportunities for IA Financial and Altair Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IAG and Altair is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding iA Financial and Altair Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altair Resources and IA Financial 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 iA Financial are associated (or correlated) with Altair Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altair Resources has no effect on the direction of IA Financial i.e., IA Financial and Altair Resources go up and down completely randomly.
Pair Corralation between IA Financial and Altair Resources
If you would invest 13,255 in iA Financial on November 4, 2024 and sell it today you would earn a total of 166.00 from holding iA Financial or generate 1.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
iA Financial vs. Altair Resources
Performance |
| Timeline |
| iA Financial |
| Altair Resources |
IA Financial and Altair Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IA Financial and Altair Resources
The main advantage of trading using opposite IA Financial and Altair Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IA Financial position performs unexpectedly, Altair Resources 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 Altair Resources will offset losses from the drop in Altair Resources' long position.| IA Financial vs. Great West Lifeco | IA Financial vs. Intact Financial | IA Financial vs. IGM Financial | IA Financial vs. Sun Life Financial |
| Altair Resources vs. Wildsky Resources | Altair Resources vs. Golden Pursuit Resources | Altair Resources vs. ExGen Resources | Altair Resources vs. Fidelity Minerals Corp |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |