Correlation Between AGF Management and Bitcoin Fund
Can any of the company-specific risk be diversified away by investing in both AGF Management and Bitcoin Fund 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 Management and Bitcoin Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGF Management Limited and Bitcoin Fund Unit, you can compare the effects of market volatilities on AGF Management and Bitcoin Fund 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 Management with a short position of Bitcoin Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF Management and Bitcoin Fund.
Diversification Opportunities for AGF Management and Bitcoin Fund
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between AGF and Bitcoin is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding AGF Management Limited and Bitcoin Fund Unit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitcoin Fund Unit and AGF Management 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 Management Limited are associated (or correlated) with Bitcoin Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitcoin Fund Unit has no effect on the direction of AGF Management i.e., AGF Management and Bitcoin Fund go up and down completely randomly.
Pair Corralation between AGF Management and Bitcoin Fund
Assuming the 90 days trading horizon AGF Management Limited is expected to generate 0.7 times more return on investment than Bitcoin Fund. However, AGF Management Limited is 1.43 times less risky than Bitcoin Fund. It trades about 0.15 of its potential returns per unit of risk. Bitcoin Fund Unit is currently generating about -0.1 per unit of risk. If you would invest 1,210 in AGF Management Limited on September 1, 2025 and sell it today you would earn a total of 206.00 from holding AGF Management Limited or generate 17.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGF Management Limited vs. Bitcoin Fund Unit
Performance |
| Timeline |
| AGF Management |
| Bitcoin Fund Unit |
AGF Management and Bitcoin Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF Management and Bitcoin Fund
The main advantage of trading using opposite AGF Management and Bitcoin Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF Management position performs unexpectedly, Bitcoin Fund 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 Bitcoin Fund will offset losses from the drop in Bitcoin Fund's long position.| AGF Management vs. Altair Resources | AGF Management vs. IGM Financial | AGF Management vs. Wall Financial | AGF Management vs. E L Financial 3 |
| Bitcoin Fund vs. Globex Mining Enterprises | Bitcoin Fund vs. Mako Mining Corp | Bitcoin Fund vs. McEwen Mining | Bitcoin Fund vs. Nicola Mining |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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