Correlation Between Bald Eagle and Excellon Resources
Can any of the company-specific risk be diversified away by investing in both Bald Eagle and Excellon Resources 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 Bald Eagle and Excellon Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bald Eagle Gold and Excellon Resources, you can compare the effects of market volatilities on Bald Eagle and Excellon Resources 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 Bald Eagle with a short position of Excellon Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bald Eagle and Excellon Resources.
Diversification Opportunities for Bald Eagle and Excellon Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bald and Excellon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bald Eagle Gold and Excellon Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Excellon Resources and Bald Eagle 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 Bald Eagle Gold are associated (or correlated) with Excellon Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Excellon Resources has no effect on the direction of Bald Eagle i.e., Bald Eagle and Excellon Resources go up and down completely randomly.
Pair Corralation between Bald Eagle and Excellon Resources
If you would invest (100.00) in Excellon Resources on November 9, 2024 and sell it today you would earn a total of 100.00 from holding Excellon Resources or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Bald Eagle Gold vs. Excellon Resources
Performance |
| Timeline |
| Bald Eagle Gold |
| Excellon Resources |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Bald Eagle and Excellon Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bald Eagle and Excellon Resources
The main advantage of trading using opposite Bald Eagle and Excellon Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bald Eagle position performs unexpectedly, Excellon Resources 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 Excellon Resources will offset losses from the drop in Excellon Resources' long position.| Bald Eagle vs. Andean Precious Metals | Bald Eagle vs. Apollo Silver Corp | Bald Eagle vs. Silver Hammer Mining | Bald Eagle vs. Guanajuato Silver |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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