Correlation Between Philex Mining and Atok Big
Can any of the company-specific risk be diversified away by investing in both Philex Mining and Atok Big 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 Philex Mining and Atok Big into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Philex Mining Corp and Atok Big Wedge, you can compare the effects of market volatilities on Philex Mining and Atok Big 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 Philex Mining with a short position of Atok Big. Check out your portfolio center. Please also check ongoing floating volatility patterns of Philex Mining and Atok Big.
Diversification Opportunities for Philex Mining and Atok Big
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Philex and Atok is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Philex Mining Corp and Atok Big Wedge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atok Big Wedge and Philex 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 Philex Mining Corp are associated (or correlated) with Atok Big. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atok Big Wedge has no effect on the direction of Philex Mining i.e., Philex Mining and Atok Big go up and down completely randomly.
Pair Corralation between Philex Mining and Atok Big
Assuming the 90 days trading horizon Philex Mining is expected to generate 7.24 times less return on investment than Atok Big. But when comparing it to its historical volatility, Philex Mining Corp is 3.64 times less risky than Atok Big. It trades about 0.0 of its potential returns per unit of risk. Atok Big Wedge is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 729.00 in Atok Big Wedge on August 29, 2024 and sell it today you would lose (369.00) from holding Atok Big Wedge or give up 50.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 75.21% |
| Values | Daily Returns |
Philex Mining Corp vs. Atok Big Wedge
Performance |
| Timeline |
| Philex Mining Corp |
| Atok Big Wedge |
Philex Mining and Atok Big Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Philex Mining and Atok Big
The main advantage of trading using opposite Philex Mining and Atok Big positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Philex Mining position performs unexpectedly, Atok Big 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 Atok Big will offset losses from the drop in Atok Big's long position.| Philex Mining vs. Pacificonline Systems | Philex Mining vs. BDO Unibank | Philex Mining vs. Metropolitan Bank Trust | Philex Mining vs. Converge Information Communications |
| Atok Big vs. Lepanto Consolidated Mining | Atok Big vs. SM Investments Corp | Atok Big vs. Converge Information Communications | Atok Big vs. Atlas Consolidated Mining |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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