Correlation Analysis Between ANTOFAGASTA and METALS X

This module allows you to analyze existing cross correlation between ANTOFAGASTA and METALS X LIMITED. You can compare the effects of market volatilities on ANTOFAGASTA and METALS X 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 METALS X. See also your portfolio center. Please also check ongoing floating volatility patterns of ANTOFAGASTA and METALS X.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

ANTOFAGASTA  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ANTOFAGASTA are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, ANTOFAGASTA exhibited solid returns over the last few months and may actually be approaching a breakup point.
METALS X LIMITED  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in METALS X LIMITED are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, METALS X exhibited solid returns over the last few months and may actually be approaching a breakup point.

ANTOFAGASTA and METALS X Volatility Contrast

 Predicted Return Density 
      Returns 

ANTOFAGASTA  vs.  METALS X LIMITED

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ANTOFAGASTA is expected to generate 1.53 times less return on investment than METALS X. But when comparing it to its historical volatility, ANTOFAGASTA is 3.47 times less risky than METALS X. It trades about 0.13 of its potential returns per unit of risk. METALS X LIMITED is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest  10.70  in METALS X LIMITED on October 22, 2019 and sell it today you would earn a total of  1.04  from holding METALS X LIMITED or generate 9.72% return on investment over 30 days.

Pair Corralation between ANTOFAGASTA and METALS X

0.46
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for ANTOFAGASTA and METALS X

ANTOFAGASTA diversification synergy

Very weak diversification

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