Correlation Between I 80 and MINT Income
Can any of the company-specific risk be diversified away by investing in both I 80 and MINT Income 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 I 80 and MINT Income into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between i 80 Gold Corp and MINT Income Fund, you can compare the effects of market volatilities on I 80 and MINT Income 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 I 80 with a short position of MINT Income. Check out your portfolio center. Please also check ongoing floating volatility patterns of I 80 and MINT Income.
Diversification Opportunities for I 80 and MINT Income
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IAU and MINT is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding i 80 Gold Corp and MINT Income Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MINT Income Fund and I 80 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 i 80 Gold Corp are associated (or correlated) with MINT Income. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MINT Income Fund has no effect on the direction of I 80 i.e., I 80 and MINT Income go up and down completely randomly.
Pair Corralation between I 80 and MINT Income
Assuming the 90 days trading horizon I 80 is expected to generate 1.19 times less return on investment than MINT Income. In addition to that, I 80 is 14.15 times more volatile than MINT Income Fund. It trades about 0.03 of its total potential returns per unit of risk. MINT Income Fund is currently generating about 0.53 per unit of volatility. If you would invest 761.00 in MINT Income Fund on October 9, 2024 and sell it today you would earn a total of 38.00 from holding MINT Income Fund or generate 4.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
i 80 Gold Corp vs. MINT Income Fund
Performance |
| Timeline |
| i 80 Gold |
| MINT Income Fund |
I 80 and MINT Income Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with I 80 and MINT Income
The main advantage of trading using opposite I 80 and MINT Income positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if I 80 position performs unexpectedly, MINT Income 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 MINT Income will offset losses from the drop in MINT Income's long position.| I 80 vs. QC Copper and | I 80 vs. Marimaca Copper Corp | I 80 vs. Northwest Copper Corp | I 80 vs. Chakana Copper Corp |
| MINT Income vs. Blue Ribbon Income | MINT Income vs. Income Financial Trust | MINT Income vs. Precious Metals And | MINT Income vs. Canadian High Income |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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