Correlation Between Agnico Eagle and Polyus PAO
Can any of the company-specific risk be diversified away by investing in both Agnico Eagle and Polyus PAO 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 Agnico Eagle and Polyus PAO into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agnico Eagle Mines and Polyus PAO ADR, you can compare the effects of market volatilities on Agnico Eagle and Polyus PAO 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 Agnico Eagle with a short position of Polyus PAO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agnico Eagle and Polyus PAO.
Diversification Opportunities for Agnico Eagle and Polyus PAO
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agnico and Polyus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines and Polyus PAO ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Polyus PAO ADR and Agnico Eagle 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 Agnico Eagle Mines are associated (or correlated) with Polyus PAO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Polyus PAO ADR has no effect on the direction of Agnico Eagle i.e., Agnico Eagle and Polyus PAO go up and down completely randomly.
Pair Corralation between Agnico Eagle and Polyus PAO
If you would invest 5,592 in Agnico Eagle Mines on January 20, 2024 and sell it today you would earn a total of 755.00 from holding Agnico Eagle Mines or generate 13.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
Agnico Eagle Mines vs. Polyus PAO ADR
Performance |
Timeline |
Agnico Eagle Mines |
Polyus PAO ADR |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Agnico Eagle and Polyus PAO Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Agnico Eagle and Polyus PAO
The main advantage of trading using opposite Agnico Eagle and Polyus PAO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agnico Eagle position performs unexpectedly, Polyus PAO 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 Polyus PAO will offset losses from the drop in Polyus PAO's long position.Agnico Eagle vs. Wheaton Precious Metals | Agnico Eagle vs. Newmont Goldcorp Corp | Agnico Eagle vs. Kinross Gold | Agnico Eagle vs. Gold Fields Ltd |
Polyus PAO vs. Agnico Eagle Mines | Polyus PAO vs. Wheaton Precious Metals | Polyus PAO vs. Newmont Goldcorp Corp | Polyus PAO vs. Kinross Gold |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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