Correlation Between YieldMax AMZN and 49 North

Can any of the company-specific risk be diversified away by investing in both YieldMax AMZN and 49 North 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 YieldMax AMZN and 49 North into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between YieldMax AMZN Option and 49 North Resources, you can compare the effects of market volatilities on YieldMax AMZN and 49 North 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 YieldMax AMZN with a short position of 49 North. Check out your portfolio center. Please also check ongoing floating volatility patterns of YieldMax AMZN and 49 North.

Diversification Opportunities for YieldMax AMZN and 49 North

0.18

Correlation Coefficient

YieldMax AMZN  49 North

Average diversification

The 3 months correlation between YieldMax and FNINF is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding YieldMax AMZN Option and 49 North Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 49 North Resources and YieldMax AMZN 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 YieldMax AMZN Option are associated (or correlated) with 49 North. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 49 North Resources has no effect on the direction of YieldMax AMZN i.e., YieldMax AMZN and 49 North go up and down completely randomly.

Pair Corralation between YieldMax AMZN and 49 North

Given the investment horizon of 90 days YieldMax AMZN Option is expected to under-perform the 49 North. But the etf apears to be less risky and, when comparing its historical volatility, YieldMax AMZN Option is 154.78 times less risky than 49 North. The etf trades about -0.1 of its potential returns per unit of risk. The 49 North Resources is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.08  in 49 North Resources on June 30, 2025 and sell it today you would earn a total of  0.92  from holding 49 North Resources or generate 1150.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	95.45%
Values	Daily Returns

YieldMax AMZN Option  vs.  49 North Resources

YieldMax AMZN Option

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in YieldMax AMZN Option are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of fairly strong basic indicators, YieldMax AMZN is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.

49 North Resources

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in 49 North Resources are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, 49 North reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with YieldMax AMZN and 49 North

The main advantage of trading using opposite YieldMax AMZN and 49 North positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YieldMax AMZN position performs unexpectedly, 49 North 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 49 North will offset losses from the drop in 49 North's long position.

The idea behind YieldMax AMZN Option and 49 North Resources 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.