Correlation Between Mangazeya Mining and Agnico Eagle
Can any of the company-specific risk be diversified away by investing in both Mangazeya Mining and Agnico Eagle 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 Mangazeya Mining and Agnico Eagle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mangazeya Mining and Agnico Eagle Mines, you can compare the effects of market volatilities on Mangazeya Mining and Agnico Eagle 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 Mangazeya Mining with a short position of Agnico Eagle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mangazeya Mining and Agnico Eagle.
Diversification Opportunities for Mangazeya Mining and Agnico Eagle
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mangazeya and Agnico is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mangazeya Mining and Agnico Eagle Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agnico Eagle Mines and Mangazeya 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 Mangazeya Mining are associated (or correlated) with Agnico Eagle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agnico Eagle Mines has no effect on the direction of Mangazeya Mining i.e., Mangazeya Mining and Agnico Eagle go up and down completely randomly.
Pair Corralation between Mangazeya Mining and Agnico Eagle
If you would invest 7,563 in Agnico Eagle Mines on September 14, 2024 and sell it today you would earn a total of 958.00 from holding Agnico Eagle Mines or generate 12.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Mangazeya Mining vs. Agnico Eagle Mines
Performance |
| Timeline |
| Mangazeya Mining |
| Agnico Eagle Mines |
Mangazeya Mining and Agnico Eagle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mangazeya Mining and Agnico Eagle
The main advantage of trading using opposite Mangazeya Mining and Agnico Eagle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mangazeya Mining position performs unexpectedly, Agnico Eagle 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 Agnico Eagle will offset losses from the drop in Agnico Eagle's long position.| Mangazeya Mining vs. Fortuna Silver Mines | Mangazeya Mining vs. Pan American Silver | Mangazeya Mining vs. Harmony Gold Mining | Mangazeya Mining vs. IAMGold |
| Agnico Eagle vs. Fortitude Gold Corp | Agnico Eagle vs. New Gold | Agnico Eagle vs. Galiano Gold | Agnico Eagle 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |