Correlation Between St Augustine and Entree Resources
Can any of the company-specific risk be diversified away by investing in both St Augustine and Entree Resources 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 St Augustine and Entree Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between St Augustine Gold and Entree Resources, you can compare the effects of market volatilities on St Augustine and Entree Resources 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 St Augustine with a short position of Entree Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of St Augustine and Entree Resources.
Diversification Opportunities for St Augustine and Entree Resources
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between SAU and Entree is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding St Augustine Gold and Entree Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Entree Resources and St Augustine 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 St Augustine Gold are associated (or correlated) with Entree Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Entree Resources has no effect on the direction of St Augustine i.e., St Augustine and Entree Resources go up and down completely randomly.
Pair Corralation between St Augustine and Entree Resources
If you would invest 8.00 in St Augustine Gold on November 4, 2024 and sell it today you would earn a total of 0.00 from holding St Augustine 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 |
St Augustine Gold vs. Entree Resources
Performance |
| Timeline |
| St Augustine Gold |
| Entree Resources |
St Augustine and Entree Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with St Augustine and Entree Resources
The main advantage of trading using opposite St Augustine and Entree Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if St Augustine position performs unexpectedly, Entree Resources 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 Entree Resources will offset losses from the drop in Entree Resources' long position.| St Augustine vs. Northcliff Resources | St Augustine vs. Lupaka Gold Corp | St Augustine vs. Angkor Resources Corp | St Augustine vs. Minco Capital Corp |
| Entree Resources vs. Solitario Exploration Royalty | Entree Resources vs. Globex Mining Enterprises | Entree Resources vs. Northcliff Resources | Entree Resources vs. St Augustine Gold |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |