Correlation Between GALENA MINING and KAUFMAN ET
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and KAUFMAN ET 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 KAUFMAN ET 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 KAUFMAN ET BROAD, you can compare the effects of market volatilities on GALENA MINING and KAUFMAN ET 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 KAUFMAN ET. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and KAUFMAN ET.
Diversification Opportunities for GALENA MINING and KAUFMAN ET
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and KAUFMAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and KAUFMAN ET BROAD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KAUFMAN ET BROAD 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 KAUFMAN ET. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KAUFMAN ET BROAD has no effect on the direction of GALENA MINING i.e., GALENA MINING and KAUFMAN ET go up and down completely randomly.
Pair Corralation between GALENA MINING and KAUFMAN ET
If you would invest 3.05 in GALENA MINING LTD on September 26, 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. KAUFMAN ET BROAD
Performance |
| Timeline |
| GALENA MINING LTD |
| KAUFMAN ET BROAD |
GALENA MINING and KAUFMAN ET Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and KAUFMAN ET
The main advantage of trading using opposite GALENA MINING and KAUFMAN ET positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, KAUFMAN ET 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 KAUFMAN ET will offset losses from the drop in KAUFMAN ET's long position.| GALENA MINING vs. Rio Tinto Group | GALENA MINING vs. Anglo American plc | GALENA MINING vs. Liontown Resources Limited | GALENA MINING vs. NEXA RESOURCES SA |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |