Correlation Between Mako Mining and GENERAL
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By analyzing existing cross correlation between Mako Mining Corp and GENERAL MTRS FINL, you can compare the effects of market volatilities on Mako Mining and GENERAL 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 Mako Mining with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mako Mining and GENERAL.
Diversification Opportunities for Mako Mining and GENERAL
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Mako and GENERAL is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Mako Mining Corp and GENERAL MTRS FINL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL MTRS FINL and Mako Mining 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 Mako Mining Corp are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL MTRS FINL has no effect on the direction of Mako Mining i.e., Mako Mining and GENERAL go up and down completely randomly.
Pair Corralation between Mako Mining and GENERAL
Assuming the 90 days horizon Mako Mining Corp is expected to generate 61.12 times more return on investment than GENERAL. However, Mako Mining is 61.12 times more volatile than GENERAL MTRS FINL. It trades about 0.16 of its potential returns per unit of risk. GENERAL MTRS FINL is currently generating about -0.01 per unit of risk. If you would invest 210.00 in Mako Mining Corp on October 9, 2024 and sell it today you would earn a total of 26.00 from holding Mako Mining Corp or generate 12.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Mako Mining Corp vs. GENERAL MTRS FINL
Performance |
| Timeline |
| Mako Mining Corp |
| GENERAL MTRS FINL |
Mako Mining and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mako Mining and GENERAL
The main advantage of trading using opposite Mako Mining and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mako Mining position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Mako Mining vs. Labrador Gold Corp | Mako Mining vs. Exploits Discovery Corp | Mako Mining vs. Puma Exploration | Mako Mining vs. White Gold Corp |
| GENERAL vs. Mediag3 | GENERAL vs. Naked Wines plc | GENERAL vs. National CineMedia | GENERAL vs. Primo Brands |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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