Correlation Between Eldorado Gold and TRAVELERS
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By analyzing existing cross correlation between Eldorado Gold Corp and TRAVELERS PANIES INC, you can compare the effects of market volatilities on Eldorado Gold and TRAVELERS 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 TRAVELERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and TRAVELERS.
Diversification Opportunities for Eldorado Gold and TRAVELERS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eldorado and TRAVELERS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp and TRAVELERS PANIES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRAVELERS PANIES INC 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 TRAVELERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRAVELERS PANIES INC has no effect on the direction of Eldorado Gold i.e., Eldorado Gold and TRAVELERS go up and down completely randomly.
Pair Corralation between Eldorado Gold and TRAVELERS
If you would invest 1,319 in Eldorado Gold Corp on September 14, 2024 and sell it today you would earn a total of 272.00 from holding Eldorado Gold Corp or generate 20.62% 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. TRAVELERS PANIES INC
Performance |
| Timeline |
| Eldorado Gold Corp |
| TRAVELERS PANIES INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Eldorado Gold and TRAVELERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eldorado Gold and TRAVELERS
The main advantage of trading using opposite Eldorado Gold and TRAVELERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eldorado Gold position performs unexpectedly, TRAVELERS 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 TRAVELERS will offset losses from the drop in TRAVELERS's long position.| Eldorado Gold vs. Fortitude Gold Corp | Eldorado Gold vs. New Gold | Eldorado Gold vs. Galiano Gold | Eldorado Gold vs. GoldMining |
| TRAVELERS vs. Eastman Chemical | TRAVELERS vs. Ecovyst | TRAVELERS vs. Sensient Technologies | TRAVELERS vs. NL Industries |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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