Correlation Between Jaguar Mining and Elemental Royalties
Can any of the company-specific risk be diversified away by investing in both Jaguar Mining and Elemental Royalties 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 Jaguar Mining and Elemental Royalties into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jaguar Mining and Elemental Royalties Corp, you can compare the effects of market volatilities on Jaguar Mining and Elemental Royalties 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 Jaguar Mining with a short position of Elemental Royalties. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jaguar Mining and Elemental Royalties.
Diversification Opportunities for Jaguar Mining and Elemental Royalties
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jaguar and Elemental is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Jaguar Mining and Elemental Royalties Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elemental Royalties Corp and Jaguar 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 Jaguar Mining are associated (or correlated) with Elemental Royalties. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elemental Royalties Corp has no effect on the direction of Jaguar Mining i.e., Jaguar Mining and Elemental Royalties go up and down completely randomly.
Pair Corralation between Jaguar Mining and Elemental Royalties
Assuming the 90 days trading horizon Jaguar Mining is expected to generate 1.18 times more return on investment than Elemental Royalties. However, Jaguar Mining is 1.18 times more volatile than Elemental Royalties Corp. It trades about 0.15 of its potential returns per unit of risk. Elemental Royalties Corp is currently generating about 0.03 per unit of risk. If you would invest 513.00 in Jaguar Mining on September 3, 2025 and sell it today you would earn a total of 219.00 from holding Jaguar Mining or generate 42.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jaguar Mining vs. Elemental Royalties Corp
Performance |
| Timeline |
| Jaguar Mining |
| Elemental Royalties Corp |
Jaguar Mining and Elemental Royalties Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jaguar Mining and Elemental Royalties
The main advantage of trading using opposite Jaguar Mining and Elemental Royalties positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jaguar Mining position performs unexpectedly, Elemental Royalties 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 Elemental Royalties will offset losses from the drop in Elemental Royalties' long position.| Jaguar Mining vs. Omineca Mining and | Jaguar Mining vs. Sparx Technology | Jaguar Mining vs. CVW CleanTech | Jaguar Mining vs. SalesforceCom CDR |
| Elemental Royalties vs. Quipt Home Medical | Elemental Royalties vs. Canlan Ice Sports | Elemental Royalties vs. NeXGold Mining Corp | Elemental Royalties vs. AGF Management 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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