Correlation Between Infinico Metals and AuQ Gold
Can any of the company-specific risk be diversified away by investing in both Infinico Metals and AuQ 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 Infinico Metals and AuQ Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Infinico Metals Corp and AuQ Gold Mining, you can compare the effects of market volatilities on Infinico Metals and AuQ 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 Infinico Metals with a short position of AuQ Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Infinico Metals and AuQ Gold.
Diversification Opportunities for Infinico Metals and AuQ Gold
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Infinico and AuQ is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Infinico Metals Corp and AuQ Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AuQ Gold Mining and Infinico Metals 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 Infinico Metals Corp are associated (or correlated) with AuQ Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AuQ Gold Mining has no effect on the direction of Infinico Metals i.e., Infinico Metals and AuQ Gold go up and down completely randomly.
Pair Corralation between Infinico Metals and AuQ Gold
Assuming the 90 days trading horizon Infinico Metals Corp is expected to generate 5.52 times more return on investment than AuQ Gold. However, Infinico Metals is 5.52 times more volatile than AuQ Gold Mining. It trades about 0.14 of its potential returns per unit of risk. AuQ Gold Mining is currently generating about 0.22 per unit of risk. If you would invest 1.00 in Infinico Metals Corp on November 30, 2024 and sell it today you would earn a total of 0.50 from holding Infinico Metals Corp or generate 50.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.35% |
| Values | Daily Returns |
Infinico Metals Corp vs. AuQ Gold Mining
Performance |
| Timeline |
| Infinico Metals Corp |
| AuQ Gold Mining |
Infinico Metals and AuQ Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Infinico Metals and AuQ Gold
The main advantage of trading using opposite Infinico Metals and AuQ Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Infinico Metals position performs unexpectedly, AuQ 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 AuQ Gold will offset losses from the drop in AuQ Gold's long position.| Infinico Metals vs. Sun Peak Metals | Infinico Metals vs. Black Mammoth Metals | Infinico Metals vs. Definity Financial Corp | Infinico Metals vs. Royal Bank of |
| AuQ Gold vs. First Majestic Silver | AuQ Gold vs. Ivanhoe Energy | AuQ Gold vs. Flinders Resources Limited | AuQ Gold vs. Orezone 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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