Correlation Between Canon Marketing and GALENA MINING
Can any of the company-specific risk be diversified away by investing in both Canon Marketing and GALENA 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 Canon Marketing and GALENA MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canon Marketing Japan and GALENA MINING LTD, you can compare the effects of market volatilities on Canon Marketing and GALENA 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 Canon Marketing with a short position of GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canon Marketing and GALENA MINING.
Diversification Opportunities for Canon Marketing and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canon and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canon Marketing Japan and GALENA MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GALENA MINING LTD and Canon Marketing 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 Canon Marketing Japan are associated (or correlated) with GALENA MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GALENA MINING LTD has no effect on the direction of Canon Marketing i.e., Canon Marketing and GALENA MINING go up and down completely randomly.
Pair Corralation between Canon Marketing and GALENA MINING
If you would invest 2,780 in Canon Marketing Japan on September 1, 2024 and sell it today you would earn a total of 220.00 from holding Canon Marketing Japan or generate 7.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Canon Marketing Japan vs. GALENA MINING LTD
Performance |
| Timeline |
| Canon Marketing Japan |
| GALENA MINING LTD |
Canon Marketing and GALENA MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canon Marketing and GALENA MINING
The main advantage of trading using opposite Canon Marketing and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canon Marketing position performs unexpectedly, GALENA 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 GALENA MINING will offset losses from the drop in GALENA MINING's long position.| Canon Marketing vs. Canon Inc | Canon Marketing vs. Canon Inc | Canon Marketing vs. Ricoh Company | Canon Marketing vs. Herman Miller |
| GALENA MINING vs. Rio Tinto Group | GALENA MINING vs. Liontown Resources Limited | GALENA MINING vs. American Lithium Corp |
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 Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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