Correlation Between Canoe Mining and Jaguar Mining
Can any of the company-specific risk be diversified away by investing in both Canoe Mining and Jaguar 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 Canoe Mining and Jaguar Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canoe Mining Ventures and Jaguar Mining, you can compare the effects of market volatilities on Canoe Mining and Jaguar 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 Canoe Mining with a short position of Jaguar Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canoe Mining and Jaguar Mining.
Diversification Opportunities for Canoe Mining and Jaguar Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canoe and Jaguar is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canoe Mining Ventures and Jaguar Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jaguar Mining and Canoe Mining 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 Canoe Mining Ventures are associated (or correlated) with Jaguar Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jaguar Mining has no effect on the direction of Canoe Mining i.e., Canoe Mining and Jaguar Mining go up and down completely randomly.
Pair Corralation between Canoe Mining and Jaguar Mining
If you would invest 396.00 in Jaguar Mining on September 8, 2025 and sell it today you would earn a total of 97.00 from holding Jaguar Mining or generate 24.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.48% |
| Values | Daily Returns |
Canoe Mining Ventures vs. Jaguar Mining
Performance |
| Timeline |
| Canoe Mining Ventures |
| Jaguar Mining |
Canoe Mining and Jaguar Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canoe Mining and Jaguar Mining
The main advantage of trading using opposite Canoe Mining and Jaguar Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canoe Mining position performs unexpectedly, Jaguar 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 Jaguar Mining will offset losses from the drop in Jaguar Mining's long position.| Canoe Mining vs. Newmont Goldcorp Corp | Canoe Mining vs. Agnico Eagle Mines | Canoe Mining vs. Wheaton Precious Metals | Canoe Mining vs. Zijin Mining Group |
| Jaguar Mining vs. Uber Technologies | Jaguar Mining vs. Evolution Technology Resources | Jaguar Mining vs. Lithium Tech Cp | Jaguar Mining vs. BioNTech SE |
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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