Correlation Between Marathon Gold and Argonaut Gold
Can any of the company-specific risk be diversified away by investing in both Marathon Gold and Argonaut 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 Argonaut 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 Argonaut Gold, you can compare the effects of market volatilities on Marathon Gold and Argonaut 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 Argonaut Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marathon Gold and Argonaut Gold.
Diversification Opportunities for Marathon Gold and Argonaut Gold
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Marathon and Argonaut is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Marathon Gold and Argonaut Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Argonaut 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 Argonaut Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Argonaut Gold has no effect on the direction of Marathon Gold i.e., Marathon Gold and Argonaut Gold go up and down completely randomly.
Pair Corralation between Marathon Gold and Argonaut Gold
If you would invest 37.00 in Argonaut Gold on October 26, 2024 and sell it today you would earn a total of 0.00 from holding Argonaut Gold or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marathon Gold vs. Argonaut Gold
Performance |
| Timeline |
| Marathon Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Argonaut Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Marathon Gold and Argonaut Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marathon Gold and Argonaut Gold
The main advantage of trading using opposite Marathon Gold and Argonaut Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marathon Gold position performs unexpectedly, Argonaut 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 Argonaut Gold will offset losses from the drop in Argonaut 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 |
| Argonaut Gold vs. Aurion Resources | Argonaut Gold vs. Rio2 Limited | Argonaut Gold vs. Minera Alamos | Argonaut Gold vs. Liberty Gold 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |