Correlation Between Eldorado Gold and NOVANT
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By analyzing existing cross correlation between Eldorado Gold Corp and NOVANT 2637 01 NOV 36, you can compare the effects of market volatilities on Eldorado Gold and NOVANT 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 NOVANT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and NOVANT.
Diversification Opportunities for Eldorado Gold and NOVANT
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Eldorado and NOVANT is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp and NOVANT 2637 01 NOV 36 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NOVANT 2637 01 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 NOVANT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NOVANT 2637 01 has no effect on the direction of Eldorado Gold i.e., Eldorado Gold and NOVANT go up and down completely randomly.
Pair Corralation between Eldorado Gold and NOVANT
Considering the 90-day investment horizon Eldorado Gold Corp is expected to generate 1.15 times more return on investment than NOVANT. However, Eldorado Gold is 1.15 times more volatile than NOVANT 2637 01 NOV 36. It trades about -0.12 of its potential returns per unit of risk. NOVANT 2637 01 NOV 36 is currently generating about -0.46 per unit of risk. If you would invest 1,737 in Eldorado Gold Corp on September 1, 2024 and sell it today you would lose (137.00) from holding Eldorado Gold Corp or give up 7.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 38.1% |
| Values | Daily Returns |
Eldorado Gold Corp vs. NOVANT 2637 01 NOV 36
Performance |
| Timeline |
| Eldorado Gold Corp |
| NOVANT 2637 01 |
Eldorado Gold and NOVANT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eldorado Gold and NOVANT
The main advantage of trading using opposite Eldorado Gold and NOVANT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eldorado Gold position performs unexpectedly, NOVANT 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 NOVANT will offset losses from the drop in NOVANT's long position.| Eldorado Gold vs. IAMGold | Eldorado Gold vs. Kinross Gold | Eldorado Gold vs. Agnico Eagle Mines | Eldorado Gold vs. Gold Fields Ltd |
| NOVANT vs. Electrovaya Common Shares | NOVANT vs. SFL Corporation | NOVANT vs. Papaya Growth Opportunity | NOVANT vs. Enersys |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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