Correlation Between GoGold Resources and Golden Minerals
Can any of the company-specific risk be diversified away by investing in both GoGold Resources and Golden Minerals 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 Golden Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GoGold Resources and Golden Minerals, you can compare the effects of market volatilities on GoGold Resources and Golden Minerals 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 Golden Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of GoGold Resources and Golden Minerals.
Diversification Opportunities for GoGold Resources and Golden Minerals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GoGold and Golden is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GoGold Resources and Golden Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golden Minerals 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 Golden Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golden Minerals has no effect on the direction of GoGold Resources i.e., GoGold Resources and Golden Minerals go up and down completely randomly.
Pair Corralation between GoGold Resources and Golden Minerals
If you would invest (100.00) in Golden Minerals on January 14, 2025 and sell it today you would earn a total of 100.00 from holding Golden Minerals or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
GoGold Resources vs. Golden Minerals
Performance |
| Timeline |
| GoGold Resources |
| Golden Minerals |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
GoGold Resources and Golden Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GoGold Resources and Golden Minerals
The main advantage of trading using opposite GoGold Resources and Golden Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GoGold Resources position performs unexpectedly, Golden Minerals 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 Golden Minerals will offset losses from the drop in Golden Minerals' long position.| GoGold Resources vs. Regenx Tech Corp | GoGold Resources vs. P2 Gold | GoGold Resources vs. Max Resource Corp | GoGold Resources vs. Pacific Ridge Exploration |
| Golden Minerals vs. Summa Silver Corp | Golden Minerals vs. GoGold Resources | Golden Minerals vs. Scottie Resources Corp | Golden Minerals vs. Brixton 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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