Correlation Between Bluestone Resources and Aloro Mining
Can any of the company-specific risk be diversified away by investing in both Bluestone Resources and Aloro Mining 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 Bluestone Resources and Aloro Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bluestone Resources and Aloro Mining Corp, you can compare the effects of market volatilities on Bluestone Resources and Aloro Mining 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 Bluestone Resources with a short position of Aloro Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bluestone Resources and Aloro Mining.
Diversification Opportunities for Bluestone Resources and Aloro Mining
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bluestone and Aloro is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Bluestone Resources and Aloro Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aloro Mining Corp and Bluestone Resources 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 Bluestone Resources are associated (or correlated) with Aloro Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aloro Mining Corp has no effect on the direction of Bluestone Resources i.e., Bluestone Resources and Aloro Mining go up and down completely randomly.
Pair Corralation between Bluestone Resources and Aloro Mining
If you would invest 21.00 in Bluestone Resources on October 20, 2024 and sell it today you would earn a total of 1.00 from holding Bluestone Resources or generate 4.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.0% |
| Values | Daily Returns |
Bluestone Resources vs. Aloro Mining Corp
Performance |
| Timeline |
| Bluestone Resources |
| Aloro Mining Corp |
Bluestone Resources and Aloro Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bluestone Resources and Aloro Mining
The main advantage of trading using opposite Bluestone Resources and Aloro Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bluestone Resources position performs unexpectedly, Aloro Mining 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 Aloro Mining will offset losses from the drop in Aloro Mining's long position.| Bluestone Resources vs. Minnova Corp | Bluestone Resources vs. Argo Gold | Bluestone Resources vs. Advance Gold Corp | Bluestone Resources vs. Blue Star Gold |
| Aloro Mining vs. Antioquia Gold | Aloro Mining vs. Antilles Gold Limited | Aloro Mining vs. Asante Gold | Aloro Mining vs. Bluestone Resources |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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