Correlation Between De Grey and SPASX 300
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By analyzing existing cross correlation between De Grey Mining and SPASX 300 Media, you can compare the effects of market volatilities on De Grey and SPASX 300 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 De Grey with a short position of SPASX 300. Check out your portfolio center. Please also check ongoing floating volatility patterns of De Grey and SPASX 300.
Diversification Opportunities for De Grey and SPASX 300
Poor diversification
The 3 months correlation between DEG and SPASX is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding De Grey Mining and SPASX 300 Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPASX 300 Media and De Grey 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 De Grey Mining are associated (or correlated) with SPASX 300. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPASX 300 Media has no effect on the direction of De Grey i.e., De Grey and SPASX 300 go up and down completely randomly.
Pair Corralation between De Grey and SPASX 300
Assuming the 90 days trading horizon De Grey Mining is expected to generate 2.59 times more return on investment than SPASX 300. However, De Grey is 2.59 times more volatile than SPASX 300 Media. It trades about 0.06 of its potential returns per unit of risk. SPASX 300 Media is currently generating about 0.05 per unit of risk. If you would invest 134.00 in De Grey Mining on September 14, 2024 and sell it today you would earn a total of 61.00 from holding De Grey Mining or generate 45.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.6% |
| Values | Daily Returns |
De Grey Mining vs. SPASX 300 Media
Performance |
| Timeline |
De Grey and SPASX 300 Volatility Contrast
Predicted Return Density |
| Returns |
De Grey Mining
Pair trading matchups for De Grey
SPASX 300 Media
Pair trading matchups for SPASX 300
Pair Trading with De Grey and SPASX 300
The main advantage of trading using opposite De Grey and SPASX 300 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if De Grey position performs unexpectedly, SPASX 300 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 SPASX 300 will offset losses from the drop in SPASX 300's long position.| De Grey vs. Northern Star Resources | De Grey vs. Evolution Mining | De Grey vs. Bluescope Steel | De Grey vs. Sandfire Resources NL |
| SPASX 300 vs. Charter Hall Retail | SPASX 300 vs. Health and Plant | SPASX 300 vs. Apiam Animal Health | SPASX 300 vs. Healthco Healthcare and |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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