Correlation Between Eldorado Gold and 25160PAE7
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By analyzing existing cross correlation between Eldorado Gold Corp and DEUTSCHE BK AG, you can compare the effects of market volatilities on Eldorado Gold and 25160PAE7 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 25160PAE7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and 25160PAE7.
Diversification Opportunities for Eldorado Gold and 25160PAE7
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Eldorado and 25160PAE7 is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp and DEUTSCHE BK AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DEUTSCHE BK AG 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 25160PAE7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DEUTSCHE BK AG has no effect on the direction of Eldorado Gold i.e., Eldorado Gold and 25160PAE7 go up and down completely randomly.
Pair Corralation between Eldorado Gold and 25160PAE7
Considering the 90-day investment horizon Eldorado Gold Corp is expected to generate 3.97 times more return on investment than 25160PAE7. However, Eldorado Gold is 3.97 times more volatile than DEUTSCHE BK AG. It trades about 0.02 of its potential returns per unit of risk. DEUTSCHE BK AG is currently generating about 0.01 per unit of risk. If you would invest 1,468 in Eldorado Gold Corp on September 29, 2024 and sell it today you would earn a total of 29.00 from holding Eldorado Gold Corp or generate 1.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 82.54% |
| Values | Daily Returns |
Eldorado Gold Corp vs. DEUTSCHE BK AG
Performance |
| Timeline |
| Eldorado Gold Corp |
| DEUTSCHE BK AG |
Eldorado Gold and 25160PAE7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eldorado Gold and 25160PAE7
The main advantage of trading using opposite Eldorado Gold and 25160PAE7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eldorado Gold position performs unexpectedly, 25160PAE7 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 25160PAE7 will offset losses from the drop in 25160PAE7's long position.| Eldorado Gold vs. IAMGold | Eldorado Gold vs. Kinross Gold | Eldorado Gold vs. Agnico Eagle Mines | Eldorado Gold vs. Gold Fields Ltd |
| 25160PAE7 vs. Sandstorm Gold Ltd | 25160PAE7 vs. Eldorado Gold Corp | 25160PAE7 vs. Inflection Point Acquisition | 25160PAE7 vs. Pinterest |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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