Correlation Between Ninepoint Diversified and AGF GLOBAL
Can any of the company-specific risk be diversified away by investing in both Ninepoint Diversified and AGF GLOBAL 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 Ninepoint Diversified and AGF GLOBAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ninepoint Diversified Bond and AGF GLOBAL OPPORTUNITIES, you can compare the effects of market volatilities on Ninepoint Diversified and AGF GLOBAL 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 Ninepoint Diversified with a short position of AGF GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ninepoint Diversified and AGF GLOBAL.
Diversification Opportunities for Ninepoint Diversified and AGF GLOBAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ninepoint and AGF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Diversified Bond and AGF GLOBAL OPPORTUNITIES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGF GLOBAL OPPORTUNITIES and Ninepoint Diversified 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 Ninepoint Diversified Bond are associated (or correlated) with AGF GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGF GLOBAL OPPORTUNITIES has no effect on the direction of Ninepoint Diversified i.e., Ninepoint Diversified and AGF GLOBAL go up and down completely randomly.
Pair Corralation between Ninepoint Diversified and AGF GLOBAL
If you would invest 1,819 in Ninepoint Diversified Bond on September 3, 2024 and sell it today you would earn a total of 36.00 from holding Ninepoint Diversified Bond or generate 1.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ninepoint Diversified Bond vs. AGF GLOBAL OPPORTUNITIES
Performance |
| Timeline |
| Ninepoint Diversified |
| AGF GLOBAL OPPORTUNITIES |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ninepoint Diversified and AGF GLOBAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ninepoint Diversified and AGF GLOBAL
The main advantage of trading using opposite Ninepoint Diversified and AGF GLOBAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ninepoint Diversified position performs unexpectedly, AGF GLOBAL 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 AGF GLOBAL will offset losses from the drop in AGF GLOBAL's long position.| Ninepoint Diversified vs. BetaPro SPTSX Capped | Ninepoint Diversified vs. BetaPro SPTSX 60 | Ninepoint Diversified vs. BetaPro SP 500 | Ninepoint Diversified vs. BetaPro NASDAQ 100 2x |
| AGF GLOBAL vs. AGF Global Sustainable | AGF GLOBAL vs. NBI High Yield | AGF GLOBAL vs. NBI Unconstrained Fixed | AGF GLOBAL vs. Mackenzie Developed ex North |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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