Correlation Between GoGold Resources and Athena Gold
Can any of the company-specific risk be diversified away by investing in both GoGold Resources and Athena 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 GoGold Resources and Athena Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GoGold Resources and Athena Gold Corp, you can compare the effects of market volatilities on GoGold Resources and Athena 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 GoGold Resources with a short position of Athena Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of GoGold Resources and Athena Gold.
Diversification Opportunities for GoGold Resources and Athena Gold
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between GoGold and Athena is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding GoGold Resources and Athena Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Athena Gold Corp and GoGold Resources 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 GoGold Resources are associated (or correlated) with Athena Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Athena Gold Corp has no effect on the direction of GoGold Resources i.e., GoGold Resources and Athena Gold go up and down completely randomly.
Pair Corralation between GoGold Resources and Athena Gold
If you would invest 4.00 in Athena Gold Corp on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Athena Gold Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GoGold Resources vs. Athena Gold Corp
Performance |
| Timeline |
| GoGold Resources |
| Athena Gold Corp |
GoGold Resources and Athena Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GoGold Resources and Athena Gold
The main advantage of trading using opposite GoGold Resources and Athena Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GoGold Resources position performs unexpectedly, Athena 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 Athena Gold will offset losses from the drop in Athena Gold's long position.| GoGold Resources vs. Advantage Solutions | GoGold Resources vs. Atlas Corp | GoGold Resources vs. PureCycle Technologies | GoGold Resources vs. WM Technology |
| Athena Gold vs. Gold79 Mines | Athena Gold vs. Arctic Star Exploration | Athena Gold vs. Arras Minerals Corp | Athena Gold vs. American Creek 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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