Correlation Between Mako Mining and TGS Esports
Can any of the company-specific risk be diversified away by investing in both Mako Mining and TGS Esports 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 TGS Esports 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 TGS Esports, you can compare the effects of market volatilities on Mako Mining and TGS Esports 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 TGS Esports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mako Mining and TGS Esports.
Diversification Opportunities for Mako Mining and TGS Esports
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mako and TGS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mako Mining Corp and TGS Esports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TGS Esports 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 TGS Esports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TGS Esports has no effect on the direction of Mako Mining i.e., Mako Mining and TGS Esports go up and down completely randomly.
Pair Corralation between Mako Mining and TGS Esports
If you would invest 312.00 in Mako Mining Corp on August 26, 2024 and sell it today you would earn a total of 3.00 from holding Mako Mining Corp or generate 0.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mako Mining Corp vs. TGS Esports
Performance |
| Timeline |
| Mako Mining Corp |
| TGS Esports |
Mako Mining and TGS Esports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mako Mining and TGS Esports
The main advantage of trading using opposite Mako Mining and TGS Esports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mako Mining position performs unexpectedly, TGS Esports 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 TGS Esports will offset losses from the drop in TGS Esports' long position.| Mako Mining vs. Thor Explorations | Mako Mining vs. K2 Gold | Mako Mining vs. Loncor Resources | Mako Mining vs. Sarama Resource |
| TGS Esports vs. Reliq Health Technologies | TGS Esports vs. Ramp Metals | TGS Esports vs. Comprehensive Healthcare Systems | TGS Esports vs. DRI Healthcare Trust |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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