Correlation Between Intuitive Machines and NEWMONT
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By analyzing existing cross correlation between Intuitive Machines and NEWMONT MNG P, you can compare the effects of market volatilities on Intuitive Machines and NEWMONT 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 Intuitive Machines with a short position of NEWMONT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intuitive Machines and NEWMONT.
Diversification Opportunities for Intuitive Machines and NEWMONT
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intuitive and NEWMONT is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Intuitive Machines and NEWMONT MNG P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEWMONT MNG P and Intuitive Machines 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 Intuitive Machines are associated (or correlated) with NEWMONT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEWMONT MNG P has no effect on the direction of Intuitive Machines i.e., Intuitive Machines and NEWMONT go up and down completely randomly.
Pair Corralation between Intuitive Machines and NEWMONT
Given the investment horizon of 90 days Intuitive Machines is expected to generate 4.88 times more return on investment than NEWMONT. However, Intuitive Machines is 4.88 times more volatile than NEWMONT MNG P. It trades about 0.25 of its potential returns per unit of risk. NEWMONT MNG P is currently generating about -0.13 per unit of risk. If you would invest 1,357 in Intuitive Machines on October 21, 2024 and sell it today you would earn a total of 494.00 from holding Intuitive Machines or generate 36.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.47% |
| Values | Daily Returns |
Intuitive Machines vs. NEWMONT MNG P
Performance |
| Timeline |
| Intuitive Machines |
| NEWMONT MNG P |
Intuitive Machines and NEWMONT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intuitive Machines and NEWMONT
The main advantage of trading using opposite Intuitive Machines and NEWMONT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intuitive Machines position performs unexpectedly, NEWMONT 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 NEWMONT will offset losses from the drop in NEWMONT's long position.| Intuitive Machines vs. Redwire Corp | Intuitive Machines vs. Sidus Space | Intuitive Machines vs. Rocket Lab USA | Intuitive Machines vs. Momentus |
| NEWMONT vs. AEP TEX INC | NEWMONT vs. US BANK NATIONAL | NEWMONT vs. Shoals Technologies Group | NEWMONT vs. Vertiv Holdings Co |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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