Correlation Analysis Between ANTOFAGASTA and Freeport McMoRan

This module allows you to analyze existing cross correlation between ANTOFAGASTA and Freeport McMoRan. You can compare the effects of market volatilities on ANTOFAGASTA and Freeport McMoRan 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 ANTOFAGASTA with a short position of Freeport McMoRan. See also your portfolio center. Please also check ongoing floating volatility patterns of ANTOFAGASTA and Freeport McMoRan.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

ANTOFAGASTA  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ANTOFAGASTA are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. In spite of rather uncertain fundamental drivers, ANTOFAGASTA exhibited solid returns over the last few months and may actually be approaching a breakup point.
Freeport McMoRan  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Freeport McMoRan are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Inspite fairly uncertain basic indicators, Freeport McMoRan showed solid returns over the last few months and may actually be approaching a breakup point.

ANTOFAGASTA and Freeport McMoRan Volatility Contrast

 Predicted Return Density 
      Returns 

ANTOFAGASTA  vs.  Freeport McMoRan Inc

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ANTOFAGASTA is expected to generate 1.25 times less return on investment than Freeport McMoRan. But when comparing it to its historical volatility, ANTOFAGASTA is 1.54 times less risky than Freeport McMoRan. It trades about 0.15 of its potential returns per unit of risk. Freeport McMoRan is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  884.00  in Freeport McMoRan on October 23, 2019 and sell it today you would earn a total of  217.00  from holding Freeport McMoRan or generate 24.55% return on investment over 30 days.

Pair Corralation between ANTOFAGASTA and Freeport McMoRan

0.8
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for ANTOFAGASTA and Freeport McMoRan

ANTOFAGASTA diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding ANTOFAGASTA and Freeport McMoRan Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Freeport McMoRan and ANTOFAGASTA 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 ANTOFAGASTA are associated (or correlated) with Freeport McMoRan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Freeport McMoRan has no effect on the direction of ANTOFAGASTA i.e. ANTOFAGASTA and Freeport McMoRan go up and down completely randomly.
See also your portfolio center. Please also try Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of macroaxis ideas.


 
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