Correlation Between Ninepoint Gold and Air France
Can any of the company-specific risk be diversified away by investing in both Ninepoint Gold and Air France 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 Ninepoint Gold and Air France into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ninepoint Gold and and Air France KLM SA, you can compare the effects of market volatilities on Ninepoint Gold and Air France 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 Ninepoint Gold with a short position of Air France. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ninepoint Gold and Air France.
Diversification Opportunities for Ninepoint Gold and Air France
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ninepoint and Air is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Gold and and Air France KLM SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Air France KLM and Ninepoint 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 Ninepoint Gold and are associated (or correlated) with Air France. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Air France KLM has no effect on the direction of Ninepoint Gold i.e., Ninepoint Gold and Air France go up and down completely randomly.
Pair Corralation between Ninepoint Gold and Air France
Assuming the 90 days trading horizon Ninepoint Gold and is expected to generate 0.9 times more return on investment than Air France. However, Ninepoint Gold and is 1.11 times less risky than Air France. It trades about 0.14 of its potential returns per unit of risk. Air France KLM SA is currently generating about -0.08 per unit of risk. If you would invest 2,527 in Ninepoint Gold and on September 6, 2025 and sell it today you would earn a total of 624.00 from holding Ninepoint Gold and or generate 24.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ninepoint Gold and vs. Air France KLM SA
Performance |
| Timeline |
| Ninepoint Gold |
| Air France KLM |
Ninepoint Gold and Air France Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ninepoint Gold and Air France
The main advantage of trading using opposite Ninepoint Gold and Air France positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ninepoint Gold position performs unexpectedly, Air France 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 Air France will offset losses from the drop in Air France's long position.| Ninepoint Gold vs. CI Global Health | Ninepoint Gold vs. Sustainable Innovation Health | Ninepoint Gold vs. Global Healthcare Income |
| Air France vs. Smithfield Foods, Common | Air France vs. BBB Foods | Air France vs. US GoldMining Common | Air France 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |