Correlation Between Canadian Manganese and Camino Minerals
Can any of the company-specific risk be diversified away by investing in both Canadian Manganese and Camino Minerals 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 Canadian Manganese and Camino Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canadian Manganese and Camino Minerals, you can compare the effects of market volatilities on Canadian Manganese and Camino Minerals 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 Canadian Manganese with a short position of Camino Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canadian Manganese and Camino Minerals.
Diversification Opportunities for Canadian Manganese and Camino Minerals
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Canadian and Camino is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Manganese and Camino Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Camino Minerals and Canadian Manganese 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 Canadian Manganese are associated (or correlated) with Camino Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Camino Minerals has no effect on the direction of Canadian Manganese i.e., Canadian Manganese and Camino Minerals go up and down completely randomly.
Pair Corralation between Canadian Manganese and Camino Minerals
Assuming the 90 days horizon Canadian Manganese is expected to under-perform the Camino Minerals. In addition to that, Canadian Manganese is 1.56 times more volatile than Camino Minerals. It trades about -0.18 of its total potential returns per unit of risk. Camino Minerals is currently generating about 0.12 per unit of volatility. If you would invest 22.00 in Camino Minerals on September 3, 2025 and sell it today you would earn a total of 11.00 from holding Camino Minerals or generate 50.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Canadian Manganese vs. Camino Minerals
Performance |
| Timeline |
| Canadian Manganese |
| Camino Minerals |
Canadian Manganese and Camino Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canadian Manganese and Camino Minerals
The main advantage of trading using opposite Canadian Manganese and Camino Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canadian Manganese position performs unexpectedly, Camino Minerals 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 Camino Minerals will offset losses from the drop in Camino Minerals' long position.| Canadian Manganese vs. Elmos Semiconductor SE | Canadian Manganese vs. Scandinavian Tobacco Group | Canadian Manganese vs. Grupo Carso SAB | Canadian Manganese vs. Vantage Drilling International |
| Camino Minerals vs. ARIA Wireless Systems | Camino Minerals vs. Mineral Mountain Mining | Camino Minerals vs. GoldQuest Mining Corp | Camino Minerals vs. Barrick 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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