Correlation Between Eldorado Gold and CORNING
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By analyzing existing cross correlation between Eldorado Gold Corp and CORNING INC 585, you can compare the effects of market volatilities on Eldorado Gold and CORNING 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 Eldorado Gold with a short position of CORNING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and CORNING.
Diversification Opportunities for Eldorado Gold and CORNING
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Eldorado and CORNING is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp and CORNING INC 585 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CORNING INC 585 and Eldorado Gold 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 Eldorado Gold Corp are associated (or correlated) with CORNING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CORNING INC 585 has no effect on the direction of Eldorado Gold i.e., Eldorado Gold and CORNING go up and down completely randomly.
Pair Corralation between Eldorado Gold and CORNING
Considering the 90-day investment horizon Eldorado Gold Corp is expected to generate 1.61 times more return on investment than CORNING. However, Eldorado Gold is 1.61 times more volatile than CORNING INC 585. It trades about 0.15 of its potential returns per unit of risk. CORNING INC 585 is currently generating about -0.01 per unit of risk. If you would invest 1,555 in Eldorado Gold Corp on September 12, 2024 and sell it today you would earn a total of 110.00 from holding Eldorado Gold Corp or generate 7.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 80.95% |
| Values | Daily Returns |
Eldorado Gold Corp vs. CORNING INC 585
Performance |
| Timeline |
| Eldorado Gold Corp |
| CORNING INC 585 |
Eldorado Gold and CORNING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eldorado Gold and CORNING
The main advantage of trading using opposite Eldorado Gold and CORNING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eldorado Gold position performs unexpectedly, CORNING 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 CORNING will offset losses from the drop in CORNING's long position.| Eldorado Gold vs. IAMGold | Eldorado Gold vs. Kinross Gold | Eldorado Gold vs. Agnico Eagle Mines | Eldorado Gold vs. Gold Fields Ltd |
| CORNING vs. AEP TEX INC | CORNING vs. US BANK NATIONAL | CORNING vs. Applied Blockchain | CORNING vs. BigBearai Holdings |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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