Correlation Between Maple Peak and Capstone Mining
Can any of the company-specific risk be diversified away by investing in both Maple Peak and Capstone Mining 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 Maple Peak and Capstone Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maple Peak Investments and Capstone Mining Corp, you can compare the effects of market volatilities on Maple Peak and Capstone Mining 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 Maple Peak with a short position of Capstone Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maple Peak and Capstone Mining.
Diversification Opportunities for Maple Peak and Capstone Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Maple and Capstone is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Maple Peak Investments and Capstone Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Capstone Mining Corp and Maple Peak 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 Maple Peak Investments are associated (or correlated) with Capstone Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Capstone Mining Corp has no effect on the direction of Maple Peak i.e., Maple Peak and Capstone Mining go up and down completely randomly.
Pair Corralation between Maple Peak and Capstone Mining
If you would invest 963.00 in Capstone Mining Corp on September 1, 2024 and sell it today you would earn a total of 5.00 from holding Capstone Mining Corp or generate 0.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maple Peak Investments vs. Capstone Mining Corp
Performance |
| Timeline |
| Maple Peak Investments |
| Capstone Mining Corp |
Maple Peak and Capstone Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maple Peak and Capstone Mining
The main advantage of trading using opposite Maple Peak and Capstone Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maple Peak position performs unexpectedly, Capstone Mining 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 Capstone Mining will offset losses from the drop in Capstone Mining's long position.| Maple Peak vs. Metalero Mining Corp | Maple Peak vs. Constellation Software | Maple Peak vs. Caribbean Utilities | Maple Peak vs. Nicola Mining |
| Capstone Mining vs. First Majestic Silver | Capstone Mining vs. Ivanhoe Energy | Capstone Mining vs. Orezone Gold Corp | Capstone Mining vs. Faraday Copper 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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