Correlation Between Denison Mines and TRAVELERS
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By analyzing existing cross correlation between Denison Mines Corp and TRAVELERS INS GROUP, you can compare the effects of market volatilities on Denison Mines and TRAVELERS 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 Denison Mines with a short position of TRAVELERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Denison Mines and TRAVELERS.
Diversification Opportunities for Denison Mines and TRAVELERS
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Denison and TRAVELERS is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Denison Mines Corp and TRAVELERS INS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRAVELERS INS GROUP and Denison Mines 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 Denison Mines Corp are associated (or correlated) with TRAVELERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRAVELERS INS GROUP has no effect on the direction of Denison Mines i.e., Denison Mines and TRAVELERS go up and down completely randomly.
Pair Corralation between Denison Mines and TRAVELERS
Considering the 90-day investment horizon Denison Mines is expected to generate 1.06 times less return on investment than TRAVELERS. In addition to that, Denison Mines is 6.38 times more volatile than TRAVELERS INS GROUP. It trades about 0.03 of its total potential returns per unit of risk. TRAVELERS INS GROUP is currently generating about 0.17 per unit of volatility. If you would invest 10,427 in TRAVELERS INS GROUP on October 23, 2024 and sell it today you would earn a total of 184.00 from holding TRAVELERS INS GROUP or generate 1.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 78.95% |
| Values | Daily Returns |
Denison Mines Corp vs. TRAVELERS INS GROUP
Performance |
| Timeline |
| Denison Mines Corp |
| TRAVELERS INS GROUP |
Denison Mines and TRAVELERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Denison Mines and TRAVELERS
The main advantage of trading using opposite Denison Mines and TRAVELERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Denison Mines position performs unexpectedly, TRAVELERS 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 TRAVELERS will offset losses from the drop in TRAVELERS's long position.| Denison Mines vs. Energy Fuels | Denison Mines vs. enCore Energy Corp | Denison Mines vs. Ur Energy | Denison Mines vs. Cameco Corp |
| TRAVELERS vs. Park Electrochemical | TRAVELERS vs. BJs Restaurants | TRAVELERS vs. Harmony Gold Mining | TRAVELERS vs. Mangazeya Mining |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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