Correlation Between Fredonia Mining and Axa SA
Can any of the company-specific risk be diversified away by investing in both Fredonia Mining and Axa SA 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 Fredonia Mining and Axa SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fredonia Mining and Axa SA ADR, you can compare the effects of market volatilities on Fredonia Mining and Axa SA 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 Fredonia Mining with a short position of Axa SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fredonia Mining and Axa SA.
Diversification Opportunities for Fredonia Mining and Axa SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fredonia and Axa is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fredonia Mining and Axa SA ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axa SA ADR and Fredonia 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 Fredonia Mining are associated (or correlated) with Axa SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axa SA ADR has no effect on the direction of Fredonia Mining i.e., Fredonia Mining and Axa SA go up and down completely randomly.
Pair Corralation between Fredonia Mining and Axa SA
If you would invest 17.00 in Fredonia Mining on September 8, 2025 and sell it today you would earn a total of 0.00 from holding Fredonia Mining or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.48% |
| Values | Daily Returns |
Fredonia Mining vs. Axa SA ADR
Performance |
| Timeline |
| Fredonia Mining |
| Axa SA ADR |
Fredonia Mining and Axa SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fredonia Mining and Axa SA
The main advantage of trading using opposite Fredonia Mining and Axa SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fredonia Mining position performs unexpectedly, Axa SA 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 Axa SA will offset losses from the drop in Axa SA's long position.| Fredonia Mining vs. Anglo American Platinum | Fredonia Mining vs. Valterra Platinum Limited | Fredonia Mining vs. Impala Platinum Holdings | Fredonia Mining vs. Impala Platinum Holdings |
| Axa SA vs. Bankwell Financial Group | Axa SA vs. Chiba Bank Ltd | Axa SA vs. United Airlines Holdings | Axa SA vs. Aldel Financial II |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |