Correlation Between Argonaut Gold and Galane Gold
Can any of the company-specific risk be diversified away by investing in both Argonaut Gold and Galane 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 Argonaut Gold and Galane Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Argonaut Gold and Galane Gold, you can compare the effects of market volatilities on Argonaut Gold and Galane 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 Argonaut Gold with a short position of Galane Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Argonaut Gold and Galane Gold.
Diversification Opportunities for Argonaut Gold and Galane Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Argonaut and Galane is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Argonaut Gold and Galane Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Galane Gold and Argonaut 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 Argonaut Gold are associated (or correlated) with Galane Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Galane Gold has no effect on the direction of Argonaut Gold i.e., Argonaut Gold and Galane Gold go up and down completely randomly.
Pair Corralation between Argonaut Gold and Galane Gold
If you would invest 20.00 in Galane Gold on November 27, 2024 and sell it today you would earn a total of 3.00 from holding Galane Gold or generate 15.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Argonaut Gold vs. Galane Gold
Performance |
| Timeline |
| Argonaut Gold |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Galane Gold |
Argonaut Gold and Galane Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Argonaut Gold and Galane Gold
The main advantage of trading using opposite Argonaut Gold and Galane Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Argonaut Gold position performs unexpectedly, Galane 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 Galane Gold will offset losses from the drop in Galane Gold's long position.| Argonaut Gold vs. Aurion Resources | Argonaut Gold vs. Rio2 Limited | Argonaut Gold vs. Minera Alamos | Argonaut Gold vs. Liberty Gold Corp |
| Galane Gold vs. Fortuna Silver Mines | Galane Gold vs. White Gold Corp | Galane Gold vs. Maple Gold Mines | Galane Gold vs. Orogen Royalties |
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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