Correlation Between Mayfair Gold and Accel Entertainment
Can any of the company-specific risk be diversified away by investing in both Mayfair Gold and Accel Entertainment 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 Mayfair Gold and Accel Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mayfair Gold Corp and Accel Entertainment, you can compare the effects of market volatilities on Mayfair Gold and Accel Entertainment 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 Mayfair Gold with a short position of Accel Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mayfair Gold and Accel Entertainment.
Diversification Opportunities for Mayfair Gold and Accel Entertainment
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Mayfair and Accel is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Mayfair Gold Corp and Accel Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accel Entertainment and Mayfair 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 Mayfair Gold Corp are associated (or correlated) with Accel Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accel Entertainment has no effect on the direction of Mayfair Gold i.e., Mayfair Gold and Accel Entertainment go up and down completely randomly.
Pair Corralation between Mayfair Gold and Accel Entertainment
Assuming the 90 days horizon Mayfair Gold Corp is expected to generate 2.43 times more return on investment than Accel Entertainment. However, Mayfair Gold is 2.43 times more volatile than Accel Entertainment. It trades about 0.16 of its potential returns per unit of risk. Accel Entertainment is currently generating about -0.09 per unit of risk. If you would invest 119.00 in Mayfair Gold Corp on September 1, 2025 and sell it today you would earn a total of 50.00 from holding Mayfair Gold Corp or generate 42.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mayfair Gold Corp vs. Accel Entertainment
Performance |
| Timeline |
| Mayfair Gold Corp |
| Accel Entertainment |
Mayfair Gold and Accel Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mayfair Gold and Accel Entertainment
The main advantage of trading using opposite Mayfair Gold and Accel Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mayfair Gold position performs unexpectedly, Accel Entertainment 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 Accel Entertainment will offset losses from the drop in Accel Entertainment's long position.| Mayfair Gold vs. ACG Metals Limited | Mayfair Gold vs. Fredonia Mining | Mayfair Gold vs. Paiute Oil Mining | Mayfair Gold vs. iA Financial |
| Accel Entertainment vs. US GoldMining Common | Accel Entertainment vs. Paiute Oil Mining | Accel Entertainment vs. Harmony Gold Mining | Accel Entertainment vs. Mineral Mountain 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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