Correlation Between Centaurus Metals and ASGN
Can any of the company-specific risk be diversified away by investing in both Centaurus Metals and ASGN 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 Centaurus Metals and ASGN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Centaurus Metals Limited and ASGN Inc, you can compare the effects of market volatilities on Centaurus Metals and ASGN 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 Centaurus Metals with a short position of ASGN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Centaurus Metals and ASGN.
Diversification Opportunities for Centaurus Metals and ASGN
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Centaurus and ASGN is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Centaurus Metals Limited and ASGN Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASGN Inc and Centaurus Metals 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 Centaurus Metals Limited are associated (or correlated) with ASGN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASGN Inc has no effect on the direction of Centaurus Metals i.e., Centaurus Metals and ASGN go up and down completely randomly.
Pair Corralation between Centaurus Metals and ASGN
Assuming the 90 days horizon Centaurus Metals Limited is expected to generate 1.65 times more return on investment than ASGN. However, Centaurus Metals is 1.65 times more volatile than ASGN Inc. It trades about 0.08 of its potential returns per unit of risk. ASGN Inc is currently generating about -0.09 per unit of risk. If you would invest 24.00 in Centaurus Metals Limited on September 2, 2025 and sell it today you would earn a total of 4.00 from holding Centaurus Metals Limited or generate 16.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Centaurus Metals Limited vs. ASGN Inc
Performance |
| Timeline |
| Centaurus Metals |
| ASGN Inc |
Centaurus Metals and ASGN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Centaurus Metals and ASGN
The main advantage of trading using opposite Centaurus Metals and ASGN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Centaurus Metals position performs unexpectedly, ASGN 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 ASGN will offset losses from the drop in ASGN's long position.| Centaurus Metals vs. Central Wireless | Centaurus Metals vs. Shanghai Fudan Microelectronics | Centaurus Metals vs. Erf Wireless | Centaurus Metals vs. Kimball Electronics |
| ASGN vs. Barrick Mining | ASGN vs. Oasis Hotel Resort | ASGN vs. Catalyst Metals Limited | ASGN vs. Centaurus Metals Limited |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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