Correlation Between Golden Pursuit and Boat Rocker
Can any of the company-specific risk be diversified away by investing in both Golden Pursuit and Boat Rocker 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 Golden Pursuit and Boat Rocker into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Pursuit Resources and Boat Rocker Media, you can compare the effects of market volatilities on Golden Pursuit and Boat Rocker 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 Golden Pursuit with a short position of Boat Rocker. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Pursuit and Boat Rocker.
Diversification Opportunities for Golden Pursuit and Boat Rocker
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Golden and Boat is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Golden Pursuit Resources and Boat Rocker Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boat Rocker Media and Golden Pursuit 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 Golden Pursuit Resources are associated (or correlated) with Boat Rocker. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boat Rocker Media has no effect on the direction of Golden Pursuit i.e., Golden Pursuit and Boat Rocker go up and down completely randomly.
Pair Corralation between Golden Pursuit and Boat Rocker
Assuming the 90 days horizon Golden Pursuit Resources is expected to under-perform the Boat Rocker. In addition to that, Golden Pursuit is 1.73 times more volatile than Boat Rocker Media. It trades about -0.26 of its total potential returns per unit of risk. Boat Rocker Media is currently generating about 0.27 per unit of volatility. If you would invest 62.00 in Boat Rocker Media on October 20, 2024 and sell it today you would earn a total of 10.00 from holding Boat Rocker Media or generate 16.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Golden Pursuit Resources vs. Boat Rocker Media
Performance |
| Timeline |
| Golden Pursuit Resources |
| Boat Rocker Media |
Golden Pursuit and Boat Rocker Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Pursuit and Boat Rocker
The main advantage of trading using opposite Golden Pursuit and Boat Rocker positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Pursuit position performs unexpectedly, Boat Rocker 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 Boat Rocker will offset losses from the drop in Boat Rocker's long position.| Golden Pursuit vs. Pembina Pipeline Corp | Golden Pursuit vs. Oncolytics Biotech | Golden Pursuit vs. Canadian General Investments | Golden Pursuit vs. Cogeco Communications |
| Boat Rocker vs. Thunderbird Entertainment Group | Boat Rocker vs. VerticalScope Holdings | Boat Rocker vs. WildBrain | Boat Rocker vs. Kits Eyecare |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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