Correlation Between Mako Mining and NewGenIvf Group

Can any of the company-specific risk be diversified away by investing in both Mako Mining and NewGenIvf Group 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 Mako Mining and NewGenIvf Group into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Mako Mining Corp and NewGenIvf Group Limited, you can compare the effects of market volatilities on Mako Mining and NewGenIvf Group 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 Mako Mining with a short position of NewGenIvf Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mako Mining and NewGenIvf Group.

Diversification Opportunities for Mako Mining and NewGenIvf Group

0.4

Correlation Coefficient

Mako Mining  NewGenIvf Group

Very weak diversification

The 3 months correlation between Mako and NewGenIvf is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Mako Mining Corp and NewGenIvf Group Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NewGenIvf Group and Mako Mining 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 Mako Mining Corp are associated (or correlated) with NewGenIvf Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NewGenIvf Group has no effect on the direction of Mako Mining i.e., Mako Mining and NewGenIvf Group go up and down completely randomly.

Pair Corralation between Mako Mining and NewGenIvf Group

Assuming the 90 days horizon Mako Mining Corp is expected to generate 0.2 times more return on investment than NewGenIvf Group. However, Mako Mining Corp is 5.04 times less risky than NewGenIvf Group. It trades about 0.19 of its potential returns per unit of risk. NewGenIvf Group Limited is currently generating about 0.01 per unit of risk. If you would invest  198.00  in Mako Mining Corp on December 20, 2024 and sell it today you would earn a total of  82.00  from holding Mako Mining Corp or generate 41.41% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	86.44%
Values	Daily Returns

Mako Mining Corp  vs.  NewGenIvf Group Limited

Mako Mining Corp

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Mako Mining Corp are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, Mako Mining reported solid returns over the last few months and may actually be approaching a breakup point.

NewGenIvf Group

Risk-Adjusted Performance

Very Weak

Over the last 90 days NewGenIvf Group Limited has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly unsteady technical and fundamental indicators, NewGenIvf Group may actually be approaching a critical reversion point that can send shares even higher in April 2025.

Pair Trading with Mako Mining and NewGenIvf Group

The main advantage of trading using opposite Mako Mining and NewGenIvf Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mako Mining position performs unexpectedly, NewGenIvf Group 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 NewGenIvf Group will offset losses from the drop in NewGenIvf Group's long position.

The idea behind Mako Mining Corp and NewGenIvf Group Limited pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Transaction History module to view history of all your transactions and understand their impact on performance.