Correlation Analysis Between Alexco Resource and Israel Index

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

 Predicted Return Density 
      Returns 

Alexco Resource Corp  vs.  Israel Index

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Alexco Resource Corp is expected to under-perform the Israel Index. In addition to that, Alexco Resource is 4.94 times more volatile than Israel Index. It trades about -0.02 of its total potential returns per unit of risk. Israel Index is currently generating about 0.1 per unit of volatility. If you would invest  99,371  in Israel Index on November 6, 2019 and sell it today you would earn a total of  8,204  from holding Israel Index or generate 8.26% return on investment over 30 days.

Pair Corralation between Alexco Resource and Israel Index

-0.11
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy75.29%
ValuesDaily Returns

Diversification Opportunities for Alexco Resource and Israel Index

Alexco Resource Corp diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Alexco Resource Corp and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and Alexco Resource 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 Alexco Resource Corp are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of Alexco Resource i.e. Alexco Resource and Israel Index go up and down completely randomly.
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See also your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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