Correlation Between GALENA MINING and PennantPark Investment
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and PennantPark Investment 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 GALENA MINING and PennantPark Investment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GALENA MINING LTD and PennantPark Investment, you can compare the effects of market volatilities on GALENA MINING and PennantPark Investment 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 GALENA MINING with a short position of PennantPark Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and PennantPark Investment.
Diversification Opportunities for GALENA MINING and PennantPark Investment
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and PennantPark is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and PennantPark Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PennantPark Investment and GALENA 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 GALENA MINING LTD are associated (or correlated) with PennantPark Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PennantPark Investment has no effect on the direction of GALENA MINING i.e., GALENA MINING and PennantPark Investment go up and down completely randomly.
Pair Corralation between GALENA MINING and PennantPark Investment
If you would invest 3.05 in GALENA MINING LTD on September 13, 2024 and sell it today you would earn a total of 0.00 from holding GALENA MINING LTD or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
GALENA MINING LTD vs. PennantPark Investment
Performance |
| Timeline |
| GALENA MINING LTD |
| PennantPark Investment |
GALENA MINING and PennantPark Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and PennantPark Investment
The main advantage of trading using opposite GALENA MINING and PennantPark Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, PennantPark Investment 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 PennantPark Investment will offset losses from the drop in PennantPark Investment's long position.| GALENA MINING vs. American Lithium Corp | GALENA MINING vs. ADRIATIC METALS LS 013355 | GALENA MINING vs. Superior Plus Corp | GALENA MINING vs. SIVERS SEMICONDUCTORS AB |
| PennantPark Investment vs. Ameriprise Financial | PennantPark Investment vs. Ares Management Corp | PennantPark Investment vs. Superior Plus Corp | PennantPark Investment vs. SIVERS SEMICONDUCTORS 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |