Correlation Between Akebono Brake and Alamos Gold
Can any of the company-specific risk be diversified away by investing in both Akebono Brake and Alamos Gold 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 Akebono Brake and Alamos Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akebono Brake Industry and Alamos Gold, you can compare the effects of market volatilities on Akebono Brake and Alamos Gold 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 Akebono Brake with a short position of Alamos Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akebono Brake and Alamos Gold.
Diversification Opportunities for Akebono Brake and Alamos Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Akebono and Alamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Akebono Brake Industry and Alamos Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alamos Gold and Akebono Brake 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 Akebono Brake Industry are associated (or correlated) with Alamos Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alamos Gold has no effect on the direction of Akebono Brake i.e., Akebono Brake and Alamos Gold go up and down completely randomly.
Pair Corralation between Akebono Brake and Alamos Gold
If you would invest (100.00) in Alamos Gold on January 24, 2024 and sell it today you would earn a total of 100.00 from holding Alamos Gold or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Akebono Brake Industry vs. Alamos Gold
Performance |
| Timeline |
| Akebono Brake Industry |
| Alamos Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Akebono Brake and Alamos Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akebono Brake and Alamos Gold
The main advantage of trading using opposite Akebono Brake and Alamos Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akebono Brake position performs unexpectedly, Alamos Gold 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 Alamos Gold will offset losses from the drop in Alamos Gold's long position.| Akebono Brake vs. Allison Transmission Holdings | Akebono Brake vs. Luminar Technologies | Akebono Brake vs. Quantumscape Corp | Akebono Brake vs. Lear Corporation |
| Alamos Gold vs. Transphorm Technology | Alamos Gold vs. Fomento Economico Mexicano | Alamos Gold vs. Teradyne | Alamos Gold vs. Cirrus Logic |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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