Correlation Between Calibre Mining and FIH MOBILE
Can any of the company-specific risk be diversified away by investing in both Calibre Mining and FIH MOBILE 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 FIH MOBILE 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 FIH MOBILE, you can compare the effects of market volatilities on Calibre Mining and FIH MOBILE 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 FIH MOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calibre Mining and FIH MOBILE.
Diversification Opportunities for Calibre Mining and FIH MOBILE
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calibre and FIH is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Calibre Mining Corp and FIH MOBILE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIH MOBILE 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 FIH MOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIH MOBILE has no effect on the direction of Calibre Mining i.e., Calibre Mining and FIH MOBILE go up and down completely randomly.
Pair Corralation between Calibre Mining and FIH MOBILE
If you would invest 141.00 in Calibre Mining Corp on October 30, 2024 and sell it today you would earn a total of 23.00 from holding Calibre Mining Corp or generate 16.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calibre Mining Corp vs. FIH MOBILE
Performance |
| Timeline |
| Calibre Mining Corp |
| FIH MOBILE |
Calibre Mining and FIH MOBILE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calibre Mining and FIH MOBILE
The main advantage of trading using opposite Calibre Mining and FIH MOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calibre Mining position performs unexpectedly, FIH MOBILE 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 FIH MOBILE will offset losses from the drop in FIH MOBILE's long position.| Calibre Mining vs. KINGBOARD CHEMICAL | Calibre Mining vs. Quaker Chemical | Calibre Mining vs. INDO RAMA SYNTHETIC | Calibre Mining vs. TRI CHEMICAL LABORATINC |
| FIH MOBILE vs. NAKED WINES PLC | FIH MOBILE vs. Goodyear Tire Rubber | FIH MOBILE vs. Entravision Communications | FIH MOBILE vs. Kingdee International Software |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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