Correlation Between Eldorado Gold and SOUTHERN
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By analyzing existing cross correlation between Eldorado Gold Corp and SOUTHERN CALIF EDISON, you can compare the effects of market volatilities on Eldorado Gold and SOUTHERN 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 SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and SOUTHERN.
Diversification Opportunities for Eldorado Gold and SOUTHERN
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eldorado and SOUTHERN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp and SOUTHERN CALIF EDISON in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN CALIF EDISON 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 SOUTHERN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOUTHERN CALIF EDISON has no effect on the direction of Eldorado Gold i.e., Eldorado Gold and SOUTHERN go up and down completely randomly.
Pair Corralation between Eldorado Gold and SOUTHERN
If you would invest 1,477 in Eldorado Gold Corp on September 12, 2024 and sell it today you would earn a total of 188.00 from holding Eldorado Gold Corp or generate 12.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Eldorado Gold Corp vs. SOUTHERN CALIF EDISON
Performance |
| Timeline |
| Eldorado Gold Corp |
| SOUTHERN CALIF EDISON |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Eldorado Gold and SOUTHERN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eldorado Gold and SOUTHERN
The main advantage of trading using opposite Eldorado Gold and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eldorado Gold position performs unexpectedly, SOUTHERN 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 SOUTHERN will offset losses from the drop in SOUTHERN's long position.| Eldorado Gold vs. IAMGold | Eldorado Gold vs. Kinross Gold | Eldorado Gold vs. Agnico Eagle Mines | Eldorado Gold vs. Gold Fields Ltd |
| SOUTHERN vs. Western Asset Investment | SOUTHERN vs. Modine Manufacturing | SOUTHERN vs. CarsalesCom Ltd ADR | SOUTHERN vs. Visteon Corp |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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