Correlation Between Agnico Eagle and Canoe Mining
Can any of the company-specific risk be diversified away by investing in both Agnico Eagle and Canoe Mining 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 Canoe Mining 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 Canoe Mining Ventures, you can compare the effects of market volatilities on Agnico Eagle and Canoe Mining 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 Canoe Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agnico Eagle and Canoe Mining.
Diversification Opportunities for Agnico Eagle and Canoe Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agnico and Canoe is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines and Canoe Mining Ventures in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canoe Mining Ventures 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 Canoe Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canoe Mining Ventures has no effect on the direction of Agnico Eagle i.e., Agnico Eagle and Canoe Mining go up and down completely randomly.
Pair Corralation between Agnico Eagle and Canoe Mining
If you would invest 15,247 in Agnico Eagle Mines on September 10, 2025 and sell it today you would earn a total of 1,225 from holding Agnico Eagle Mines or generate 8.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Agnico Eagle Mines vs. Canoe Mining Ventures
Performance |
| Timeline |
| Agnico Eagle Mines |
| Canoe Mining Ventures |
Agnico Eagle and Canoe Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agnico Eagle and Canoe Mining
The main advantage of trading using opposite Agnico Eagle and Canoe Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agnico Eagle position performs unexpectedly, Canoe Mining 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 Canoe Mining will offset losses from the drop in Canoe Mining's long position.| Agnico Eagle vs. Newmont Goldcorp Corp | Agnico Eagle vs. CRH PLC ADR | Agnico Eagle vs. Barrick Mining | Agnico Eagle vs. Sherwin Williams Co |
| Canoe Mining vs. West Red Lake | Canoe Mining vs. Monument Mining Limited | Canoe Mining vs. Atlanta Gold | Canoe Mining vs. Northern Superior Resources |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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