Correlation Between Filo Mining and G5 Entertainment
Can any of the company-specific risk be diversified away by investing in both Filo Mining and G5 Entertainment 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 Filo Mining and G5 Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Filo Mining Corp and G5 Entertainment publ, you can compare the effects of market volatilities on Filo Mining and G5 Entertainment 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 Filo Mining with a short position of G5 Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Filo Mining and G5 Entertainment.
Diversification Opportunities for Filo Mining and G5 Entertainment
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Filo and G5EN is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Filo Mining Corp and G5 Entertainment publ in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G5 Entertainment publ and Filo Mining 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 Filo Mining Corp are associated (or correlated) with G5 Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G5 Entertainment publ has no effect on the direction of Filo Mining i.e., Filo Mining and G5 Entertainment go up and down completely randomly.
Pair Corralation between Filo Mining and G5 Entertainment
Assuming the 90 days trading horizon Filo Mining Corp is expected to generate 1.0 times more return on investment than G5 Entertainment. However, Filo Mining is 1.0 times more volatile than G5 Entertainment publ. It trades about 0.09 of its potential returns per unit of risk. G5 Entertainment publ is currently generating about -0.02 per unit of risk. If you would invest 16,200 in Filo Mining Corp on November 3, 2024 and sell it today you would earn a total of 8,550 from holding Filo Mining Corp or generate 52.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.34% |
| Values | Daily Returns |
Filo Mining Corp vs. G5 Entertainment publ
Performance |
| Timeline |
| Filo Mining Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| G5 Entertainment publ |
Filo Mining and G5 Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Filo Mining and G5 Entertainment
The main advantage of trading using opposite Filo Mining and G5 Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Filo Mining position performs unexpectedly, G5 Entertainment 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 G5 Entertainment will offset losses from the drop in G5 Entertainment's long position.| Filo Mining vs. Boliden AB | Filo Mining vs. Leading Edge Materials | Filo Mining vs. AAC Clyde Space | Filo Mining vs. Tele2 AB |
| G5 Entertainment vs. Stillfront Group AB | G5 Entertainment vs. Paradox Interactive AB | G5 Entertainment vs. Catena Media plc | G5 Entertainment vs. Betsson AB |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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