Correlation Analysis Between First Majestic and NYSE

This module allows you to analyze existing cross correlation between First Majestic Silver Corp and NYSE. You can compare the effects of market volatilities on First Majestic and NYSE 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 First Majestic with a short position of NYSE. See also your portfolio center. Please also check ongoing floating volatility patterns of First Majestic and NYSE.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

First Majestic Silver Corp  vs.  NYSE

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, First Majestic Silver Corp is expected to generate 3.53 times more return on investment than NYSE. However, First Majestic is 3.53 times more volatile than NYSE. It trades about 0.09 of its potential returns per unit of risk. NYSE is currently generating about 0.08 per unit of risk. If you would invest  967.00  in First Majestic Silver Corp on November 14, 2019 and sell it today you would earn a total of  156.00  from holding First Majestic Silver Corp or generate 16.13% return on investment over 30 days.

Pair Corralation between First Majestic and NYSE

0.74
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy98.48%
ValuesDaily Returns

Diversification Opportunities for First Majestic and NYSE

First Majestic Silver Corp diversification synergy

Poor diversification

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