Correlation Between GALENA MINING and Medtronic PLC
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Medtronic PLC 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 Medtronic PLC 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 Medtronic PLC, you can compare the effects of market volatilities on GALENA MINING and Medtronic PLC 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 Medtronic PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Medtronic PLC.
Diversification Opportunities for GALENA MINING and Medtronic PLC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Medtronic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Medtronic PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medtronic PLC 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 Medtronic PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medtronic PLC has no effect on the direction of GALENA MINING i.e., GALENA MINING and Medtronic PLC go up and down completely randomly.
Pair Corralation between GALENA MINING and Medtronic PLC
If you would invest 7,729 in Medtronic PLC on October 15, 2024 and sell it today you would earn a total of 241.00 from holding Medtronic PLC or generate 3.12% 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. Medtronic PLC
Performance |
| Timeline |
| GALENA MINING LTD |
| Medtronic PLC |
GALENA MINING and Medtronic PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Medtronic PLC
The main advantage of trading using opposite GALENA MINING and Medtronic PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Medtronic PLC 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 Medtronic PLC will offset losses from the drop in Medtronic PLC's long position.| GALENA MINING vs. ADRIATIC METALS LS 013355 | GALENA MINING vs. Superior Plus Corp | GALENA MINING vs. NMI Holdings | GALENA MINING vs. SIVERS SEMICONDUCTORS AB |
| Medtronic PLC vs. Boston Scientific | Medtronic PLC vs. Zimmer Biomet Holdings | Medtronic PLC vs. Align Technology | Medtronic PLC vs. Superior Plus Corp |
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.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |