Correlation Between Hamilton Gold and AGFiQ Market
Can any of the company-specific risk be diversified away by investing in both Hamilton Gold and AGFiQ Market 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 Hamilton Gold and AGFiQ Market into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hamilton Gold Producer and AGFiQ Market Neutral, you can compare the effects of market volatilities on Hamilton Gold and AGFiQ Market 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 Hamilton Gold with a short position of AGFiQ Market. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hamilton Gold and AGFiQ Market.
Diversification Opportunities for Hamilton Gold and AGFiQ Market
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hamilton and AGFiQ is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Gold Producer and AGFiQ Market Neutral in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGFiQ Market Neutral and Hamilton Gold 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 Hamilton Gold Producer are associated (or correlated) with AGFiQ Market. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGFiQ Market Neutral has no effect on the direction of Hamilton Gold i.e., Hamilton Gold and AGFiQ Market go up and down completely randomly.
Pair Corralation between Hamilton Gold and AGFiQ Market
Assuming the 90 days trading horizon Hamilton Gold Producer is expected to generate 1.48 times more return on investment than AGFiQ Market. However, Hamilton Gold is 1.48 times more volatile than AGFiQ Market Neutral. It trades about 0.14 of its potential returns per unit of risk. AGFiQ Market Neutral is currently generating about -0.07 per unit of risk. If you would invest 2,778 in Hamilton Gold Producer on August 22, 2025 and sell it today you would earn a total of 543.00 from holding Hamilton Gold Producer or generate 19.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hamilton Gold Producer vs. AGFiQ Market Neutral
Performance |
| Timeline |
| Hamilton Gold Producer |
| AGFiQ Market Neutral |
Hamilton Gold and AGFiQ Market Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hamilton Gold and AGFiQ Market
The main advantage of trading using opposite Hamilton Gold and AGFiQ Market positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hamilton Gold position performs unexpectedly, AGFiQ Market 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 AGFiQ Market will offset losses from the drop in AGFiQ Market's long position.| Hamilton Gold vs. Hamilton Energy YIELD | Hamilton Gold vs. iShares MSCI Canada | Hamilton Gold vs. Global X SP | Hamilton Gold vs. AGFiQ Market Neutral |
| AGFiQ Market vs. iShares MSCI Canada | AGFiQ Market vs. RBC Canadian Bank | AGFiQ Market vs. Hamilton Gold Producer | AGFiQ Market vs. Global X SP |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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