Correlation Between Euro Sun and Agnico Eagle
Can any of the company-specific risk be diversified away by investing in both Euro Sun and Agnico Eagle 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 Euro Sun and Agnico Eagle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Euro Sun Mining and Agnico Eagle Mines, you can compare the effects of market volatilities on Euro Sun and Agnico Eagle 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 Euro Sun with a short position of Agnico Eagle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Euro Sun and Agnico Eagle.
Diversification Opportunities for Euro Sun and Agnico Eagle
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Euro and Agnico is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Euro Sun Mining and Agnico Eagle Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agnico Eagle Mines and Euro Sun 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 Euro Sun Mining are associated (or correlated) with Agnico Eagle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agnico Eagle Mines has no effect on the direction of Euro Sun i.e., Euro Sun and Agnico Eagle go up and down completely randomly.
Pair Corralation between Euro Sun and Agnico Eagle
If you would invest 5,606 in Agnico Eagle Mines on January 26, 2024 and sell it today you would earn a total of 686.00 from holding Agnico Eagle Mines or generate 12.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Euro Sun Mining vs. Agnico Eagle Mines
Performance |
| Timeline |
| Euro Sun Mining |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Agnico Eagle Mines |
Euro Sun and Agnico Eagle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Euro Sun and Agnico Eagle
The main advantage of trading using opposite Euro Sun and Agnico Eagle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Euro Sun position performs unexpectedly, Agnico Eagle 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 Agnico Eagle will offset losses from the drop in Agnico Eagle's long position.| Euro Sun vs. Antioquia Gold | Euro Sun vs. Condor Gold Plc | Euro Sun vs. C2C Gold Corp | Euro Sun vs. Asante Gold |
| Agnico Eagle vs. Fortitude Gold Corp | Agnico Eagle vs. Galiano Gold | Agnico Eagle vs. GoldMining | Agnico Eagle vs. IAMGold |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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