Correlation Between 00108WAF7 and IAMGOLD
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By analyzing existing cross correlation between AEP TEX INC and IAMGOLD P 575, you can compare the effects of market volatilities on 00108WAF7 and IAMGOLD 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 00108WAF7 with a short position of IAMGOLD. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and IAMGOLD.
Diversification Opportunities for 00108WAF7 and IAMGOLD
Good diversification
The 3 months correlation between 00108WAF7 and IAMGOLD is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and IAMGOLD P 575 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IAMGOLD P 575 and 00108WAF7 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 AEP TEX INC are associated (or correlated) with IAMGOLD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IAMGOLD P 575 has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and IAMGOLD go up and down completely randomly.
Pair Corralation between 00108WAF7 and IAMGOLD
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 6.37 times more return on investment than IAMGOLD. However, 00108WAF7 is 6.37 times more volatile than IAMGOLD P 575. It trades about 0.05 of its potential returns per unit of risk. IAMGOLD P 575 is currently generating about -0.32 per unit of risk. If you would invest 7,507 in AEP TEX INC on September 25, 2024 and sell it today you would earn a total of 161.00 from holding AEP TEX INC or generate 2.14% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 88.24% |
Values | Daily Returns |
AEP TEX INC vs. IAMGOLD P 575
Performance |
Timeline |
AEP TEX INC |
IAMGOLD P 575 |
00108WAF7 and IAMGOLD Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 00108WAF7 and IAMGOLD
The main advantage of trading using opposite 00108WAF7 and IAMGOLD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, IAMGOLD 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 IAMGOLD will offset losses from the drop in IAMGOLD's long position.00108WAF7 vs. US BANK NATIONAL | 00108WAF7 vs. BKV Corporation | 00108WAF7 vs. Bristol Myers Squibb | 00108WAF7 vs. Zenvia Inc |
IAMGOLD vs. AEP TEX INC | IAMGOLD vs. US BANK NATIONAL | IAMGOLD vs. Brightsphere Investment Group | IAMGOLD vs. Neurocrine Biosciences |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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