Correlation Between Austin Gold and Maplebear

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

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

Diversification Opportunities for Austin Gold and Maplebear

-0.26

Correlation Coefficient

Austin Gold  Maplebear

Very good diversification

The 3 months correlation between Austin and Maplebear is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Austin Gold Corp and Maplebear in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maplebear and Austin Gold 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 Austin Gold Corp are associated (or correlated) with Maplebear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maplebear has no effect on the direction of Austin Gold i.e., Austin Gold and Maplebear go up and down completely randomly.

Pair Corralation between Austin Gold and Maplebear

Given the investment horizon of 90 days Austin Gold Corp is expected to generate 2.41 times more return on investment than Maplebear. However, Austin Gold is 2.41 times more volatile than Maplebear. It trades about 0.05 of its potential returns per unit of risk. Maplebear is currently generating about 0.12 per unit of risk. If you would invest  117.00  in Austin Gold Corp on May 14, 2025 and sell it today you would earn a total of  10.00  from holding Austin Gold Corp or generate 8.55% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.39%
Values	Daily Returns

Austin Gold Corp  vs.  Maplebear

Austin Gold Corp

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in Austin Gold Corp are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady basic indicators, Austin Gold unveiled solid returns over the last few months and may actually be approaching a breakup point.

Maplebear

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Maplebear are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, Maplebear unveiled solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Austin Gold and Maplebear

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

The idea behind Austin Gold Corp and Maplebear 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.