Correlation Between Affinity Beverage and Agnico Eagle
Can any of the company-specific risk be diversified away by investing in both Affinity Beverage 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 Affinity Beverage and Agnico Eagle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Affinity Beverage Group and Agnico Eagle Mines, you can compare the effects of market volatilities on Affinity Beverage 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 Affinity Beverage with a short position of Agnico Eagle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Affinity Beverage and Agnico Eagle.
Diversification Opportunities for Affinity Beverage and Agnico Eagle
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Affinity and Agnico is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Affinity Beverage Group 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 Affinity Beverage 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 Affinity Beverage Group 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 Affinity Beverage i.e., Affinity Beverage and Agnico Eagle go up and down completely randomly.
Pair Corralation between Affinity Beverage and Agnico Eagle
If you would invest 6,080 in Agnico Eagle Mines on February 2, 2024 and sell it today you would earn a total of 344.00 from holding Agnico Eagle Mines or generate 5.66% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 86.96% |
Values | Daily Returns |
Affinity Beverage Group vs. Agnico Eagle Mines
Performance |
Timeline |
Affinity Beverage |
Agnico Eagle Mines |
Affinity Beverage and Agnico Eagle Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Affinity Beverage and Agnico Eagle
The main advantage of trading using opposite Affinity Beverage and Agnico Eagle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Affinity Beverage 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.Affinity Beverage vs. Better Home Finance | Affinity Beverage vs. Terran Orbital Corp | Affinity Beverage vs. Target | Affinity Beverage vs. Trip Group Ltd |
Agnico Eagle vs. Paramount Gold Nevada | Agnico Eagle vs. Liberty Gold Corp | Agnico Eagle vs. International Tower Hill | Agnico Eagle vs. Allegiant 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Transaction History View history of all your transactions and understand their impact on performance | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |