Correlation Between Apollo Global and Corazon Mining

Can any of the company-specific risk be diversified away by investing in both Apollo Global and Corazon Mining 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 Apollo Global and Corazon Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Apollo Global Management and Corazon Mining, you can compare the effects of market volatilities on Apollo Global and Corazon Mining 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 Apollo Global with a short position of Corazon Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Global and Corazon Mining.

Diversification Opportunities for Apollo Global and Corazon Mining

0.0

Correlation Coefficient

Apollo Global  Corazon Mining

Pay attention - limited upside

The 3 months correlation between Apollo and Corazon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Global Management and Corazon Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Corazon Mining and Apollo Global 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 Apollo Global Management are associated (or correlated) with Corazon Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Corazon Mining has no effect on the direction of Apollo Global i.e., Apollo Global and Corazon Mining go up and down completely randomly.

Pair Corralation between Apollo Global and Corazon Mining

If you would invest  2,578  in Apollo Global Management on May 8, 2025 and sell it today you would earn a total of  119.00  from holding Apollo Global Management or generate 4.62% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

Apollo Global Management  vs.  Corazon Mining

Apollo Global Management

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Apollo Global Management are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable basic indicators, Apollo Global is not utilizing all of its potentials. The recent stock price uproar, may contribute to short-horizon losses for the private investors.

Corazon Mining

Risk-Adjusted Performance

Weakest

Over the last 90 days Corazon Mining has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Corazon Mining is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with Apollo Global and Corazon Mining

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

The idea behind Apollo Global Management and Corazon Mining 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.

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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.