Correlation Between Endurance Gold and Nighthawk Gold
Can any of the company-specific risk be diversified away by investing in both Endurance Gold and Nighthawk Gold 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 Nighthawk Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Endurance Gold and Nighthawk Gold Corp, you can compare the effects of market volatilities on Endurance Gold and Nighthawk Gold 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 Nighthawk Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Endurance Gold and Nighthawk Gold.
Diversification Opportunities for Endurance Gold and Nighthawk Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Endurance and Nighthawk is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Endurance Gold and Nighthawk Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nighthawk Gold Corp 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 Nighthawk Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nighthawk Gold Corp has no effect on the direction of Endurance Gold i.e., Endurance Gold and Nighthawk Gold go up and down completely randomly.
Pair Corralation between Endurance Gold and Nighthawk Gold
If you would invest 32.00 in Nighthawk Gold Corp on October 25, 2024 and sell it today you would earn a total of 9.00 from holding Nighthawk Gold Corp or generate 28.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 2.22% |
| Values | Daily Returns |
Endurance Gold vs. Nighthawk Gold Corp
Performance |
| Timeline |
| Endurance Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Nighthawk Gold Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Endurance Gold and Nighthawk Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Endurance Gold and Nighthawk Gold
The main advantage of trading using opposite Endurance Gold and Nighthawk Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Endurance Gold position performs unexpectedly, Nighthawk Gold 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 Nighthawk Gold will offset losses from the drop in Nighthawk Gold's long position.| Endurance Gold vs. Red Pine Exploration | Endurance Gold vs. Tectonic Metals | Endurance Gold vs. Gold Terra Resource | Endurance Gold vs. Klondike Gold Corp |
| Nighthawk Gold vs. Endurance Gold | Nighthawk Gold vs. Red Pine Exploration | Nighthawk Gold vs. Puma Exploration | Nighthawk Gold vs. Aurion Resources |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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