Correlation Between Monongahela All and Guinness Atkinson
Can any of the company-specific risk be diversified away by investing in both Monongahela All and Guinness Atkinson 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 Monongahela All and Guinness Atkinson into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Monongahela All Cap and Guinness Atkinson China, you can compare the effects of market volatilities on Monongahela All and Guinness Atkinson 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 Monongahela All with a short position of Guinness Atkinson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Monongahela All and Guinness Atkinson.
Diversification Opportunities for Monongahela All and Guinness Atkinson
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Monongahela and Guinness is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Monongahela All Cap and Guinness Atkinson China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guinness Atkinson China and Monongahela All 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 Monongahela All Cap are associated (or correlated) with Guinness Atkinson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guinness Atkinson China has no effect on the direction of Monongahela All i.e., Monongahela All and Guinness Atkinson go up and down completely randomly.
Pair Corralation between Monongahela All and Guinness Atkinson
Assuming the 90 days horizon Monongahela All Cap is expected to under-perform the Guinness Atkinson. But the mutual fund apears to be less risky and, when comparing its historical volatility, Monongahela All Cap is 1.44 times less risky than Guinness Atkinson. The mutual fund trades about 0.0 of its potential returns per unit of risk. The Guinness Atkinson China is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,538 in Guinness Atkinson China on August 20, 2025 and sell it today you would earn a total of 120.00 from holding Guinness Atkinson China or generate 7.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Monongahela All Cap vs. Guinness Atkinson China
Performance |
| Timeline |
| Monongahela All Cap |
| Guinness Atkinson China |
Monongahela All and Guinness Atkinson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Monongahela All and Guinness Atkinson
The main advantage of trading using opposite Monongahela All and Guinness Atkinson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Monongahela All position performs unexpectedly, Guinness Atkinson 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 Guinness Atkinson will offset losses from the drop in Guinness Atkinson's long position.| Monongahela All vs. Villere Equity Fund | Monongahela All vs. Oil Gas Ultrasector | Monongahela All vs. Walthausen Small Cap | Monongahela All vs. Amg Managers Cadence |
| Guinness Atkinson vs. Lsv Managed Volatility | Guinness Atkinson vs. James Micro Cap | Guinness Atkinson vs. Barrett Growth Fund | Guinness Atkinson vs. Walthausen Small Cap |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |