Correlation Between Eldorado Gold and 74340XBU4
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eldorado Gold Corp and PLD 325 30 JUN 26, you can compare the effects of market volatilities on Eldorado Gold and 74340XBU4 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 74340XBU4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and 74340XBU4.
Diversification Opportunities for Eldorado Gold and 74340XBU4
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Eldorado and 74340XBU4 is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp and PLD 325 30 JUN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLD 325 30 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 74340XBU4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLD 325 30 has no effect on the direction of Eldorado Gold i.e., Eldorado Gold and 74340XBU4 go up and down completely randomly.
Pair Corralation between Eldorado Gold and 74340XBU4
Considering the 90-day investment horizon Eldorado Gold Corp is expected to under-perform the 74340XBU4. In addition to that, Eldorado Gold is 16.37 times more volatile than PLD 325 30 JUN 26. It trades about -0.12 of its total potential returns per unit of risk. PLD 325 30 JUN 26 is currently generating about 0.1 per unit of volatility. If you would invest 9,815 in PLD 325 30 JUN 26 on August 27, 2024 and sell it today you would earn a total of 37.00 from holding PLD 325 30 JUN 26 or generate 0.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Eldorado Gold Corp vs. PLD 325 30 JUN 26
Performance |
| Timeline |
| Eldorado Gold Corp |
| PLD 325 30 |
Eldorado Gold and 74340XBU4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eldorado Gold and 74340XBU4
The main advantage of trading using opposite Eldorado Gold and 74340XBU4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eldorado Gold position performs unexpectedly, 74340XBU4 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 74340XBU4 will offset losses from the drop in 74340XBU4's long position.| Eldorado Gold vs. IAMGold | Eldorado Gold vs. Kinross Gold | Eldorado Gold vs. Agnico Eagle Mines | Eldorado Gold vs. Gold Fields Ltd |
| 74340XBU4 vs. Dave Busters Entertainment | 74340XBU4 vs. Eldorado Gold Corp | 74340XBU4 vs. Sabre Corpo | 74340XBU4 vs. WiMi Hologram Cloud |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |