Correlation Between Mako Mining and VinFast Auto
Can any of the company-specific risk be diversified away by investing in both Mako Mining and VinFast Auto 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 Mako Mining and VinFast Auto into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mako Mining Corp and VinFast Auto Ltd, you can compare the effects of market volatilities on Mako Mining and VinFast Auto 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 VinFast Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mako Mining and VinFast Auto.
Diversification Opportunities for Mako Mining and VinFast Auto
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mako and VinFast is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Mako Mining Corp and VinFast Auto Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VinFast Auto 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 VinFast Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VinFast Auto has no effect on the direction of Mako Mining i.e., Mako Mining and VinFast Auto go up and down completely randomly.
Pair Corralation between Mako Mining and VinFast Auto
Assuming the 90 days horizon Mako Mining Corp is expected to generate 0.52 times more return on investment than VinFast Auto. However, Mako Mining Corp is 1.92 times less risky than VinFast Auto. It trades about 0.08 of its potential returns per unit of risk. VinFast Auto Ltd is currently generating about 0.0 per unit of risk. If you would invest 164.00 in Mako Mining Corp on November 3, 2024 and sell it today you would earn a total of 97.00 from holding Mako Mining Corp or generate 59.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Mako Mining Corp vs. VinFast Auto Ltd
Performance |
| Timeline |
| Mako Mining Corp |
| VinFast Auto |
Mako Mining and VinFast Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mako Mining and VinFast Auto
The main advantage of trading using opposite Mako Mining and VinFast Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mako Mining position performs unexpectedly, VinFast Auto 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 VinFast Auto will offset losses from the drop in VinFast Auto'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 |
| VinFast Auto vs. RadNet Inc | VinFast Auto vs. Chart Industries | VinFast Auto vs. Spyre Therapeutics | VinFast Auto vs. EMCOR Group |
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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