Correlation Between Marathon Gold and Alamos Gold
Can any of the company-specific risk be diversified away by investing in both Marathon Gold and Alamos 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 Marathon Gold and Alamos Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marathon Gold and Alamos Gold, you can compare the effects of market volatilities on Marathon Gold and Alamos 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 Marathon Gold with a short position of Alamos Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marathon Gold and Alamos Gold.
Diversification Opportunities for Marathon Gold and Alamos Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Marathon and Alamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Marathon Gold and Alamos Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alamos Gold and Marathon Gold 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 Marathon Gold are associated (or correlated) with Alamos Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alamos Gold has no effect on the direction of Marathon Gold i.e., Marathon Gold and Alamos Gold go up and down completely randomly.
Pair Corralation between Marathon Gold and Alamos Gold
If you would invest 1,004 in Alamos Gold on November 9, 2024 and sell it today you would earn a total of 1,221 from holding Alamos Gold or generate 121.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Marathon Gold vs. Alamos Gold
Performance |
| Timeline |
| Marathon Gold |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Alamos Gold |
Marathon Gold and Alamos Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marathon Gold and Alamos Gold
The main advantage of trading using opposite Marathon Gold and Alamos Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marathon Gold position performs unexpectedly, Alamos 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 Alamos Gold will offset losses from the drop in Alamos Gold's long position.| Marathon Gold vs. I 80 Gold Corp | Marathon Gold vs. Wesdome Gold Mines | Marathon Gold vs. K92 Mining | Marathon Gold vs. Equinox Gold Corp |
| Alamos Gold vs. Pan American Silver | Alamos Gold vs. Newmont Goldcorp Corp | Alamos Gold vs. Wheaton Precious Metals | Alamos Gold vs. Franco Nevada |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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