Correlation Between Yamana Gold and Almaden Minerals
Can any of the company-specific risk be diversified away by investing in both Yamana Gold and Almaden Minerals 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 Yamana Gold and Almaden Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yamana Gold and Almaden Minerals, you can compare the effects of market volatilities on Yamana Gold and Almaden Minerals 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 Yamana Gold with a short position of Almaden Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yamana Gold and Almaden Minerals.
Diversification Opportunities for Yamana Gold and Almaden Minerals
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Yamana and Almaden is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Yamana Gold and Almaden Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Almaden Minerals and Yamana 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 Yamana Gold are associated (or correlated) with Almaden Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Almaden Minerals has no effect on the direction of Yamana Gold i.e., Yamana Gold and Almaden Minerals go up and down completely randomly.
Pair Corralation between Yamana Gold and Almaden Minerals
If you would invest 0.00 in Yamana Gold on January 21, 2024 and sell it today you would earn a total of 0.00 from holding Yamana Gold or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 8.33% |
| Values | Daily Returns |
Yamana Gold vs. Almaden Minerals
Performance |
| Timeline |
| Yamana Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Almaden Minerals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Yamana Gold and Almaden Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yamana Gold and Almaden Minerals
The main advantage of trading using opposite Yamana Gold and Almaden Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yamana Gold position performs unexpectedly, Almaden Minerals 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 Almaden Minerals will offset losses from the drop in Almaden Minerals' long position.| Yamana Gold vs. Agnico Eagle Mines | Yamana Gold vs. Wheaton Precious Metals | Yamana Gold vs. Newmont Goldcorp Corp | Yamana Gold vs. Kinross Gold |
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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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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