Correlation Between Axcelis Technologies and Austin Gold

Can any of the company-specific risk be diversified away by investing in both Axcelis Technologies and Austin 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 Axcelis Technologies and Austin Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Axcelis Technologies and Austin Gold Corp, you can compare the effects of market volatilities on Axcelis Technologies and Austin 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 Axcelis Technologies with a short position of Austin Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axcelis Technologies and Austin Gold.

Diversification Opportunities for Axcelis Technologies and Austin Gold

-0.02

Correlation Coefficient

Axcelis Technologies  Austin Gold

Good diversification

The 3 months correlation between Axcelis and Austin is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Axcelis Technologies and Austin Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Austin Gold Corp and Axcelis Technologies 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 Axcelis Technologies are associated (or correlated) with Austin Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Austin Gold Corp has no effect on the direction of Axcelis Technologies i.e., Axcelis Technologies and Austin Gold go up and down completely randomly.

Pair Corralation between Axcelis Technologies and Austin Gold

Given the investment horizon of 90 days Axcelis Technologies is expected to generate 0.47 times more return on investment than Austin Gold. However, Axcelis Technologies is 2.13 times less risky than Austin Gold. It trades about 0.06 of its potential returns per unit of risk. Austin Gold Corp is currently generating about 0.03 per unit of risk. If you would invest  8,328  in Axcelis Technologies on September 10, 2025 and sell it today you would earn a total of  786.00  from holding Axcelis Technologies or generate 9.44% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Axcelis Technologies  vs.  Austin Gold Corp

Axcelis Technologies

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in Axcelis Technologies are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively weak essential indicators, Axcelis Technologies may actually be approaching a critical reversion point that can send shares even higher in January 2026.

Austin Gold Corp

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Austin Gold Corp are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively conflicting basic indicators, Austin Gold may actually be approaching a critical reversion point that can send shares even higher in January 2026.

Pair Trading with Axcelis Technologies and Austin Gold

The main advantage of trading using opposite Axcelis Technologies and Austin Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axcelis Technologies position performs unexpectedly, Austin 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 Austin Gold will offset losses from the drop in Austin Gold's long position.

The idea behind Axcelis Technologies and Austin Gold Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.