Correlation Between Goodfood Market and Mawson Gold
Can any of the company-specific risk be diversified away by investing in both Goodfood Market and Mawson 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 Goodfood Market and Mawson Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goodfood Market Corp and Mawson Gold Limited, you can compare the effects of market volatilities on Goodfood Market and Mawson 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 Goodfood Market with a short position of Mawson Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goodfood Market and Mawson Gold.
Diversification Opportunities for Goodfood Market and Mawson Gold
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Goodfood and Mawson is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Goodfood Market Corp and Mawson Gold Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mawson Gold Limited and Goodfood Market 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 Goodfood Market Corp are associated (or correlated) with Mawson Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mawson Gold Limited has no effect on the direction of Goodfood Market i.e., Goodfood Market and Mawson Gold go up and down completely randomly.
Pair Corralation between Goodfood Market and Mawson Gold
Assuming the 90 days trading horizon Goodfood Market Corp is expected to under-perform the Mawson Gold. In addition to that, Goodfood Market is 1.21 times more volatile than Mawson Gold Limited. It trades about -0.12 of its total potential returns per unit of risk. Mawson Gold Limited is currently generating about 0.05 per unit of volatility. If you would invest 325.00 in Mawson Gold Limited on December 4, 2024 and sell it today you would earn a total of 6.00 from holding Mawson Gold Limited or generate 1.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goodfood Market Corp vs. Mawson Gold Limited
Performance |
| Timeline |
| Goodfood Market Corp |
| Mawson Gold Limited |
Goodfood Market and Mawson Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goodfood Market and Mawson Gold
The main advantage of trading using opposite Goodfood Market and Mawson Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goodfood Market position performs unexpectedly, Mawson 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 Mawson Gold will offset losses from the drop in Mawson Gold's long position.| Goodfood Market vs. WELL Health Technologies | Goodfood Market vs. Lightspeed Commerce | Goodfood Market vs. Docebo Inc | Goodfood Market vs. Dye Durham |
| Mawson Gold vs. Newmont Goldcorp Corp | Mawson Gold vs. Agnico Eagle Mines | Mawson Gold vs. Barrick Gold Corp | Mawson Gold vs. Wheaton Precious Metals |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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