Correlation Between AGF GLOBAL and Picton Mahoney
Can any of the company-specific risk be diversified away by investing in both AGF GLOBAL and Picton Mahoney 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 AGF GLOBAL and Picton Mahoney into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGF GLOBAL OPPORTUNITIES and Picton Mahoney Fortified, you can compare the effects of market volatilities on AGF GLOBAL and Picton Mahoney 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 AGF GLOBAL with a short position of Picton Mahoney. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF GLOBAL and Picton Mahoney.
Diversification Opportunities for AGF GLOBAL and Picton Mahoney
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGF and Picton is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGF GLOBAL OPPORTUNITIES and Picton Mahoney Fortified in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Picton Mahoney Fortified and AGF GLOBAL 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 AGF GLOBAL OPPORTUNITIES are associated (or correlated) with Picton Mahoney. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Picton Mahoney Fortified has no effect on the direction of AGF GLOBAL i.e., AGF GLOBAL and Picton Mahoney go up and down completely randomly.
Pair Corralation between AGF GLOBAL and Picton Mahoney
If you would invest 1,761 in Picton Mahoney Fortified on December 10, 2024 and sell it today you would earn a total of 17.00 from holding Picton Mahoney Fortified or generate 0.97% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
AGF GLOBAL OPPORTUNITIES vs. Picton Mahoney Fortified
Performance |
Timeline |
AGF GLOBAL OPPORTUNITIES |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Picton Mahoney Fortified |
AGF GLOBAL and Picton Mahoney Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AGF GLOBAL and Picton Mahoney
The main advantage of trading using opposite AGF GLOBAL and Picton Mahoney positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF GLOBAL position performs unexpectedly, Picton Mahoney 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 Picton Mahoney will offset losses from the drop in Picton Mahoney's long position.AGF GLOBAL vs. AGF Enhanced Equity | AGF GLOBAL vs. AGF Global Sustainable | AGF GLOBAL vs. NBI High Yield | AGF GLOBAL vs. NBI Unconstrained Fixed |
Picton Mahoney vs. Picton Mahoney Fortified | Picton Mahoney vs. Picton Mahoney Fortified | Picton Mahoney vs. Picton Mahoney Fortified | Picton Mahoney vs. NBI Liquid Alternatives |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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