Correlation Between Antofagasta PLC and KAZ Minerals
Can any of the company-specific risk be diversified away by investing in both Antofagasta PLC and KAZ Minerals 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 Antofagasta PLC and KAZ Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Antofagasta PLC and KAZ Minerals PLC, you can compare the effects of market volatilities on Antofagasta PLC and KAZ Minerals 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 PLC with a short position of KAZ Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antofagasta PLC and KAZ Minerals.
Diversification Opportunities for Antofagasta PLC and KAZ Minerals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Antofagasta and KAZ is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Antofagasta PLC and KAZ Minerals PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KAZ Minerals PLC and Antofagasta PLC 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 PLC are associated (or correlated) with KAZ Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KAZ Minerals PLC has no effect on the direction of Antofagasta PLC i.e., Antofagasta PLC and KAZ Minerals go up and down completely randomly.
Pair Corralation between Antofagasta PLC and KAZ Minerals
If you would invest 1,633 in Antofagasta PLC on January 26, 2024 and sell it today you would earn a total of 1,107 from holding Antofagasta PLC or generate 67.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Antofagasta PLC vs. KAZ Minerals PLC
Performance |
| Timeline |
| Antofagasta PLC |
| KAZ Minerals PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Antofagasta PLC and KAZ Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Antofagasta PLC and KAZ Minerals
The main advantage of trading using opposite Antofagasta PLC and KAZ Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antofagasta PLC position performs unexpectedly, KAZ Minerals 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 KAZ Minerals will offset losses from the drop in KAZ Minerals' long position.| Antofagasta PLC vs. Imperial Metals | Antofagasta PLC vs. Bell Copper | Antofagasta PLC vs. Copper Fox Metals | Antofagasta PLC vs. Nevada Copper Corp |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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