Correlation Between I 80 and Argonaut Gold
Can any of the company-specific risk be diversified away by investing in both I 80 and Argonaut Gold 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 Argonaut Gold 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 Argonaut Gold, you can compare the effects of market volatilities on I 80 and Argonaut Gold 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 Argonaut Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of I 80 and Argonaut Gold.
Diversification Opportunities for I 80 and Argonaut Gold
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IAUX and Argonaut is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding I 80 Gold Corp and Argonaut Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Argonaut Gold 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 Argonaut Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Argonaut Gold has no effect on the direction of I 80 i.e., I 80 and Argonaut Gold go up and down completely randomly.
Pair Corralation between I 80 and Argonaut Gold
If you would invest 37.00 in Argonaut Gold on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Argonaut Gold or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
I 80 Gold Corp vs. Argonaut Gold
Performance |
| Timeline |
| I 80 Gold |
| Argonaut Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
I 80 and Argonaut Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with I 80 and Argonaut Gold
The main advantage of trading using opposite I 80 and Argonaut Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if I 80 position performs unexpectedly, Argonaut Gold 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 Argonaut Gold will offset losses from the drop in Argonaut Gold's long position.| I 80 vs. K92 Mining | I 80 vs. Wesdome Gold Mines | I 80 vs. Fortuna Silver Mines | I 80 vs. Sandstorm Gold Ltd |
| Argonaut Gold vs. Aurion Resources | Argonaut Gold vs. Rio2 Limited | Argonaut Gold vs. Minera Alamos | Argonaut Gold vs. Liberty Gold 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |