Correlation Between 194162AN3 and Agnico Eagle
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By analyzing existing cross correlation between CL 31 15 AUG 27 and Agnico Eagle Mines, you can compare the effects of market volatilities on 194162AN3 and Agnico Eagle 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 194162AN3 with a short position of Agnico Eagle. Check out your portfolio center. Please also check ongoing floating volatility patterns of 194162AN3 and Agnico Eagle.
Diversification Opportunities for 194162AN3 and Agnico Eagle
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between 194162AN3 and Agnico is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding CL 31 15 AUG 27 and Agnico Eagle Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agnico Eagle Mines and 194162AN3 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 CL 31 15 AUG 27 are associated (or correlated) with Agnico Eagle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agnico Eagle Mines has no effect on the direction of 194162AN3 i.e., 194162AN3 and Agnico Eagle go up and down completely randomly.
Pair Corralation between 194162AN3 and Agnico Eagle
Assuming the 90 days trading horizon CL 31 15 AUG 27 is expected to generate 0.36 times more return on investment than Agnico Eagle. However, CL 31 15 AUG 27 is 2.77 times less risky than Agnico Eagle. It trades about -0.08 of its potential returns per unit of risk. Agnico Eagle Mines is currently generating about -0.03 per unit of risk. If you would invest 9,859 in CL 31 15 AUG 27 on September 26, 2024 and sell it today you would lose (315.00) from holding CL 31 15 AUG 27 or give up 3.2% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 85.71% |
Values | Daily Returns |
CL 31 15 AUG 27 vs. Agnico Eagle Mines
Performance |
Timeline |
194162AN3 |
Agnico Eagle Mines |
194162AN3 and Agnico Eagle Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 194162AN3 and Agnico Eagle
The main advantage of trading using opposite 194162AN3 and Agnico Eagle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 194162AN3 position performs unexpectedly, Agnico Eagle 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 Agnico Eagle will offset losses from the drop in Agnico Eagle's long position.194162AN3 vs. AEP TEX INC | 194162AN3 vs. US BANK NATIONAL | 194162AN3 vs. Republic Bancorp | 194162AN3 vs. BYD Co Ltd |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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