Correlation Between Tigo Energy and Mako Mining
Can any of the company-specific risk be diversified away by investing in both Tigo Energy and Mako Mining 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 Tigo Energy and Mako Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tigo Energy and Mako Mining Corp, you can compare the effects of market volatilities on Tigo Energy and Mako Mining 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 Tigo Energy with a short position of Mako Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tigo Energy and Mako Mining.
Diversification Opportunities for Tigo Energy and Mako Mining
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Tigo and Mako is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Tigo Energy and Mako Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mako Mining Corp and Tigo Energy 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 Tigo Energy are associated (or correlated) with Mako Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mako Mining Corp has no effect on the direction of Tigo Energy i.e., Tigo Energy and Mako Mining go up and down completely randomly.
Pair Corralation between Tigo Energy and Mako Mining
Given the investment horizon of 90 days Tigo Energy is expected to generate 1.8 times more return on investment than Mako Mining. However, Tigo Energy is 1.8 times more volatile than Mako Mining Corp. It trades about 0.21 of its potential returns per unit of risk. Mako Mining Corp is currently generating about 0.25 per unit of risk. If you would invest 132.00 in Tigo Energy on July 19, 2025 and sell it today you would earn a total of 108.00 from holding Tigo Energy or generate 81.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tigo Energy vs. Mako Mining Corp
Performance |
| Timeline |
| Tigo Energy |
| Mako Mining Corp |
Tigo Energy and Mako Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tigo Energy and Mako Mining
The main advantage of trading using opposite Tigo Energy and Mako Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tigo Energy position performs unexpectedly, Mako Mining 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 Mako Mining will offset losses from the drop in Mako Mining's long position.| Tigo Energy vs. Westlake Chemical Partners | Tigo Energy vs. ISE Chemicals | Tigo Energy vs. Mitsui Chemicals ADR | Tigo Energy vs. Ultra Clean Holdings |
| Mako Mining vs. Sokoman Minerals Corp | Mako Mining vs. Elemental Royalties Corp | Mako Mining vs. Radisson Mining Resources | Mako Mining vs. Maple Gold Mines |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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