Correlation Between Ninepoint Gold and UMH Properties
Can any of the company-specific risk be diversified away by investing in both Ninepoint Gold and UMH Properties 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 UMH Properties 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 UMH Properties, you can compare the effects of market volatilities on Ninepoint Gold and UMH Properties 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 UMH Properties. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ninepoint Gold and UMH Properties.
Diversification Opportunities for Ninepoint Gold and UMH Properties
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ninepoint and UMH is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Gold and and UMH Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UMH Properties 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 UMH Properties. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UMH Properties has no effect on the direction of Ninepoint Gold i.e., Ninepoint Gold and UMH Properties go up and down completely randomly.
Pair Corralation between Ninepoint Gold and UMH Properties
Assuming the 90 days trading horizon Ninepoint Gold and is expected to generate 5.0 times more return on investment than UMH Properties. However, Ninepoint Gold is 5.0 times more volatile than UMH Properties. It trades about 0.13 of its potential returns per unit of risk. UMH Properties is currently generating about -0.1 per unit of risk. If you would invest 2,527 in Ninepoint Gold and on September 7, 2025 and sell it today you would earn a total of 564.00 from holding Ninepoint Gold and or generate 22.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Ninepoint Gold and vs. UMH Properties
Performance |
| Timeline |
| Ninepoint Gold |
| UMH Properties |
Ninepoint Gold and UMH Properties Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ninepoint Gold and UMH Properties
The main advantage of trading using opposite Ninepoint Gold and UMH Properties positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ninepoint Gold position performs unexpectedly, UMH Properties 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 UMH Properties will offset losses from the drop in UMH Properties' long position.| Ninepoint Gold vs. Fidelity Tactical High | Ninepoint Gold vs. 0P000075GQ | Ninepoint Gold vs. Mawer New Canada | Ninepoint Gold vs. Canoe Defensive International |
| UMH Properties vs. Cabo Drilling Corp | UMH Properties vs. Avistar Communications Corp | UMH Properties vs. Cabal Communications | UMH Properties vs. Technology Telecommunication Acquisition |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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