Correlation Between Aftermath Silver and Argo Gold
Can any of the company-specific risk be diversified away by investing in both Aftermath Silver and Argo Gold 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 Aftermath Silver and Argo Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aftermath Silver and Argo Gold, you can compare the effects of market volatilities on Aftermath Silver and Argo Gold 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 Aftermath Silver with a short position of Argo Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aftermath Silver and Argo Gold.
Diversification Opportunities for Aftermath Silver and Argo Gold
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Aftermath and Argo is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Aftermath Silver and Argo Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Argo Gold and Aftermath Silver 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 Aftermath Silver are associated (or correlated) with Argo Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Argo Gold has no effect on the direction of Aftermath Silver i.e., Aftermath Silver and Argo Gold go up and down completely randomly.
Pair Corralation between Aftermath Silver and Argo Gold
Assuming the 90 days horizon Aftermath Silver is expected to generate 0.96 times more return on investment than Argo Gold. However, Aftermath Silver is 1.05 times less risky than Argo Gold. It trades about 0.16 of its potential returns per unit of risk. Argo Gold is currently generating about -0.05 per unit of risk. If you would invest 37.00 in Aftermath Silver on May 6, 2025 and sell it today you would earn a total of 22.00 from holding Aftermath Silver or generate 59.46% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 98.41% |
Values | Daily Returns |
Aftermath Silver vs. Argo Gold
Performance |
Timeline |
Aftermath Silver |
Argo Gold |
Aftermath Silver and Argo Gold Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Aftermath Silver and Argo Gold
The main advantage of trading using opposite Aftermath Silver and Argo Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aftermath Silver position performs unexpectedly, Argo Gold 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 Argo Gold will offset losses from the drop in Argo Gold's long position.Aftermath Silver vs. Group Ten Metals | Aftermath Silver vs. Atico Mining | Aftermath Silver vs. Prime Mining Corp | Aftermath Silver vs. Wallbridge Mining |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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