Correlation Between Ninepoint Gold and Textainer Group
Can any of the company-specific risk be diversified away by investing in both Ninepoint Gold and Textainer Group 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 Textainer Group 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 Textainer Group Holdings, you can compare the effects of market volatilities on Ninepoint Gold and Textainer Group 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 Textainer Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ninepoint Gold and Textainer Group.
Diversification Opportunities for Ninepoint Gold and Textainer Group
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ninepoint and Textainer is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Gold and and Textainer Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Textainer Group Holdings 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 Textainer Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Textainer Group Holdings has no effect on the direction of Ninepoint Gold i.e., Ninepoint Gold and Textainer Group go up and down completely randomly.
Pair Corralation between Ninepoint Gold and Textainer Group
Assuming the 90 days trading horizon Ninepoint Gold and is expected to generate 2.34 times more return on investment than Textainer Group. However, Ninepoint Gold is 2.34 times more volatile than Textainer Group Holdings. It trades about 0.2 of its potential returns per unit of risk. Textainer Group Holdings is currently generating about 0.06 per unit of risk. If you would invest 2,127 in Ninepoint Gold and on August 19, 2025 and sell it today you would earn a total of 780.00 from holding Ninepoint Gold and or generate 36.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Ninepoint Gold and vs. Textainer Group Holdings
Performance |
| Timeline |
| Ninepoint Gold |
| Textainer Group Holdings |
Ninepoint Gold and Textainer Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ninepoint Gold and Textainer Group
The main advantage of trading using opposite Ninepoint Gold and Textainer Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ninepoint Gold position performs unexpectedly, Textainer Group 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 Textainer Group will offset losses from the drop in Textainer Group's long position.| Ninepoint Gold vs. CI Global Unconstrained | Ninepoint Gold vs. iProfile Global Equity | Ninepoint Gold vs. TD Index Fund E | Ninepoint Gold vs. IG Mackenzie Global |
| Textainer Group vs. Austin Engineering Limited | Textainer Group vs. DBM Global | Textainer Group vs. COSCO SHIPPING International | Textainer Group vs. Butler National Corp |
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.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |