Correlation Between Endurance Gold and Blue Star
Can any of the company-specific risk be diversified away by investing in both Endurance Gold and Blue Star at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Endurance Gold and Blue Star into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Endurance Gold and Blue Star Gold, you can compare the effects of market volatilities on Endurance Gold and Blue Star 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 Endurance Gold with a short position of Blue Star. Check out your portfolio center. Please also check ongoing floating volatility patterns of Endurance Gold and Blue Star.
Diversification Opportunities for Endurance Gold and Blue Star
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Endurance and Blue is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Endurance Gold and Blue Star Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Star Gold and Endurance 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 Endurance Gold are associated (or correlated) with Blue Star. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Star Gold has no effect on the direction of Endurance Gold i.e., Endurance Gold and Blue Star go up and down completely randomly.
Pair Corralation between Endurance Gold and Blue Star
If you would invest 3.25 in Blue Star Gold on November 3, 2024 and sell it today you would earn a total of 0.00 from holding Blue Star Gold or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
Endurance Gold vs. Blue Star Gold
Performance |
| Timeline |
| Endurance Gold |
| Blue Star Gold |
Endurance Gold and Blue Star Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Endurance Gold and Blue Star
The main advantage of trading using opposite Endurance Gold and Blue Star positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Endurance Gold position performs unexpectedly, Blue Star 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 Blue Star will offset losses from the drop in Blue Star's long position.| Endurance Gold vs. Red Pine Exploration | Endurance Gold vs. Altamira Gold Corp | Endurance Gold vs. Grande Portage Resources | Endurance Gold vs. Tectonic Metals |
| Blue Star vs. Argo Gold | Blue Star vs. Minnova Corp | Blue Star vs. Angkor Resources Corp | Blue Star vs. Advance United Holdings |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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