Correlation Between GALENA MINING and 10X GENOMICS
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and 10X GENOMICS 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 10X GENOMICS 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 10X GENOMICS DL, you can compare the effects of market volatilities on GALENA MINING and 10X GENOMICS 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 10X GENOMICS. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and 10X GENOMICS.
Diversification Opportunities for GALENA MINING and 10X GENOMICS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and 10X is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and 10X GENOMICS DL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 10X GENOMICS DL 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 10X GENOMICS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 10X GENOMICS DL has no effect on the direction of GALENA MINING i.e., GALENA MINING and 10X GENOMICS go up and down completely randomly.
Pair Corralation between GALENA MINING and 10X GENOMICS
If you would invest 1,303 in 10X GENOMICS DL on October 15, 2024 and sell it today you would earn a total of 186.00 from holding 10X GENOMICS DL or generate 14.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.75% |
| Values | Daily Returns |
GALENA MINING LTD vs. 10X GENOMICS DL
Performance |
| Timeline |
| GALENA MINING LTD |
| 10X GENOMICS DL |
GALENA MINING and 10X GENOMICS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and 10X GENOMICS
The main advantage of trading using opposite GALENA MINING and 10X GENOMICS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, 10X GENOMICS 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 10X GENOMICS will offset losses from the drop in 10X GENOMICS's long position.| GALENA MINING vs. INDO RAMA SYNTHETIC | GALENA MINING vs. KIMBALL ELECTRONICS | GALENA MINING vs. Sekisui Chemical Co | GALENA MINING vs. Methode Electronics |
| 10X GENOMICS vs. Shenandoah Telecommunications | 10X GENOMICS vs. SOCKET MOBILE NEW | 10X GENOMICS vs. Perseus Mining Limited | 10X GENOMICS vs. GALENA MINING LTD |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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