Correlation Between Antilles Gold and Guskin Gold
Can any of the company-specific risk be diversified away by investing in both Antilles Gold and Guskin Gold 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 Antilles Gold and Guskin Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Antilles Gold Limited and Guskin Gold Corp, you can compare the effects of market volatilities on Antilles Gold and Guskin Gold 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 Antilles Gold with a short position of Guskin Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antilles Gold and Guskin Gold.
Diversification Opportunities for Antilles Gold and Guskin Gold
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Antilles and Guskin is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Antilles Gold Limited and Guskin Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guskin Gold Corp and Antilles 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 Antilles Gold Limited are associated (or correlated) with Guskin Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guskin Gold Corp has no effect on the direction of Antilles Gold i.e., Antilles Gold and Guskin Gold go up and down completely randomly.
Pair Corralation between Antilles Gold and Guskin Gold
If you would invest 0.12 in Antilles Gold Limited on November 3, 2024 and sell it today you would earn a total of 0.16 from holding Antilles Gold Limited or generate 133.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Antilles Gold Limited vs. Guskin Gold Corp
Performance |
| Timeline |
| Antilles Gold Limited |
| Guskin Gold Corp |
Antilles Gold and Guskin Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Antilles Gold and Guskin Gold
The main advantage of trading using opposite Antilles Gold and Guskin Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antilles Gold position performs unexpectedly, Guskin Gold 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 Guskin Gold will offset losses from the drop in Guskin Gold's long position.| Antilles Gold vs. Antioquia Gold | Antilles Gold vs. Asante Gold | Antilles Gold vs. Allegiant Gold | Antilles Gold vs. Big Ridge Gold |
| Guskin Gold vs. Newcore Gold | Guskin Gold vs. Cerrado Gold | Guskin Gold vs. Palamina Corp | Guskin Gold vs. Gold Springs Resource |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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