Correlation Between Sandstorm Gold and AMFAHI
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sandstorm Gold Ltd and AMFAHI 3833 11 MAR 51, you can compare the effects of market volatilities on Sandstorm Gold and AMFAHI 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 Sandstorm Gold with a short position of AMFAHI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sandstorm Gold and AMFAHI.
Diversification Opportunities for Sandstorm Gold and AMFAHI
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Sandstorm and AMFAHI is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Sandstorm Gold Ltd and AMFAHI 3833 11 MAR 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMFAHI 3833 11 and Sandstorm 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 Sandstorm Gold Ltd are associated (or correlated) with AMFAHI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMFAHI 3833 11 has no effect on the direction of Sandstorm Gold i.e., Sandstorm Gold and AMFAHI go up and down completely randomly.
Pair Corralation between Sandstorm Gold and AMFAHI
Given the investment horizon of 90 days Sandstorm Gold is expected to generate 2.57 times less return on investment than AMFAHI. In addition to that, Sandstorm Gold is 1.39 times more volatile than AMFAHI 3833 11 MAR 51. It trades about 0.02 of its total potential returns per unit of risk. AMFAHI 3833 11 MAR 51 is currently generating about 0.07 per unit of volatility. If you would invest 5,937 in AMFAHI 3833 11 MAR 51 on September 1, 2024 and sell it today you would earn a total of 213.00 from holding AMFAHI 3833 11 MAR 51 or generate 3.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 28.57% |
| Values | Daily Returns |
Sandstorm Gold Ltd vs. AMFAHI 3833 11 MAR 51
Performance |
| Timeline |
| Sandstorm Gold |
| AMFAHI 3833 11 |
Sandstorm Gold and AMFAHI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sandstorm Gold and AMFAHI
The main advantage of trading using opposite Sandstorm Gold and AMFAHI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sandstorm Gold position performs unexpectedly, AMFAHI 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 AMFAHI will offset losses from the drop in AMFAHI's long position.| Sandstorm Gold vs. Fortitude Gold Corp | Sandstorm Gold vs. New Gold | Sandstorm Gold vs. Galiano Gold | Sandstorm Gold vs. GoldMining |
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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |