Correlation Between Calibre Mining and Amalphi Ag
Can any of the company-specific risk be diversified away by investing in both Calibre Mining and Amalphi Ag 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 Calibre Mining and Amalphi Ag into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calibre Mining Corp and amalphi ag, you can compare the effects of market volatilities on Calibre Mining and Amalphi Ag 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 Calibre Mining with a short position of Amalphi Ag. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calibre Mining and Amalphi Ag.
Diversification Opportunities for Calibre Mining and Amalphi Ag
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calibre and Amalphi is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Calibre Mining Corp and amalphi ag in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on amalphi ag and Calibre 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 Calibre Mining Corp are associated (or correlated) with Amalphi Ag. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of amalphi ag has no effect on the direction of Calibre Mining i.e., Calibre Mining and Amalphi Ag go up and down completely randomly.
Pair Corralation between Calibre Mining and Amalphi Ag
Assuming the 90 days trading horizon Calibre Mining Corp is expected to generate 0.23 times more return on investment than Amalphi Ag. However, Calibre Mining Corp is 4.37 times less risky than Amalphi Ag. It trades about 0.32 of its potential returns per unit of risk. amalphi ag is currently generating about 0.05 per unit of risk. If you would invest 142.00 in Calibre Mining Corp on October 25, 2024 and sell it today you would earn a total of 23.00 from holding Calibre Mining Corp or generate 16.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
Calibre Mining Corp vs. amalphi ag
Performance |
| Timeline |
| Calibre Mining Corp |
| amalphi ag |
Calibre Mining and Amalphi Ag Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calibre Mining and Amalphi Ag
The main advantage of trading using opposite Calibre Mining and Amalphi Ag positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calibre Mining position performs unexpectedly, Amalphi Ag 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 Amalphi Ag will offset losses from the drop in Amalphi Ag's long position.| Calibre Mining vs. CARSALESCOM | Calibre Mining vs. Yuexiu Transport Infrastructure | Calibre Mining vs. GEAR4MUSIC LS 10 | Calibre Mining vs. CarsalesCom |
| Amalphi Ag vs. STMICROELECTRONICS | Amalphi Ag vs. Renesas Electronics | Amalphi Ag vs. Nok Airlines PCL | Amalphi Ag vs. JAPAN AIRLINES |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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