Correlation Between Hamilton Gold and RBC Quant
Can any of the company-specific risk be diversified away by investing in both Hamilton Gold and RBC Quant 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 Hamilton Gold and RBC Quant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hamilton Gold Producer and RBC Quant European, you can compare the effects of market volatilities on Hamilton Gold and RBC Quant 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 Hamilton Gold with a short position of RBC Quant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hamilton Gold and RBC Quant.
Diversification Opportunities for Hamilton Gold and RBC Quant
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hamilton and RBC is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Gold Producer and RBC Quant European in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RBC Quant European and Hamilton 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 Hamilton Gold Producer are associated (or correlated) with RBC Quant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RBC Quant European has no effect on the direction of Hamilton Gold i.e., Hamilton Gold and RBC Quant go up and down completely randomly.
Pair Corralation between Hamilton Gold and RBC Quant
Assuming the 90 days trading horizon Hamilton Gold Producer is expected to generate 4.35 times more return on investment than RBC Quant. However, Hamilton Gold is 4.35 times more volatile than RBC Quant European. It trades about 0.17 of its potential returns per unit of risk. RBC Quant European is currently generating about 0.39 per unit of risk. If you would invest 3,156 in Hamilton Gold Producer on November 21, 2025 and sell it today you would earn a total of 943.00 from holding Hamilton Gold Producer or generate 29.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hamilton Gold Producer vs. RBC Quant European
Performance |
| Timeline |
| Hamilton Gold Producer |
| RBC Quant European |
Hamilton Gold and RBC Quant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hamilton Gold and RBC Quant
The main advantage of trading using opposite Hamilton Gold and RBC Quant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hamilton Gold position performs unexpectedly, RBC Quant 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 RBC Quant will offset losses from the drop in RBC Quant's long position.| Hamilton Gold vs. BMO Equal Weight | Hamilton Gold vs. BMO MSCI India | Hamilton Gold vs. BMO Equal Weight | Hamilton Gold vs. BMO MSCI China |
| RBC Quant vs. Brompton European Dividend | RBC Quant vs. Mackenzie International Equity | RBC Quant vs. RBC Quant European | RBC Quant vs. iShares MSCI Min |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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