Correlation Between GALENA MINING and BRAEMAR HOTELS
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and BRAEMAR HOTELS 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 BRAEMAR HOTELS 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 BRAEMAR HOTELS RES, you can compare the effects of market volatilities on GALENA MINING and BRAEMAR HOTELS 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 BRAEMAR HOTELS. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and BRAEMAR HOTELS.
Diversification Opportunities for GALENA MINING and BRAEMAR HOTELS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and BRAEMAR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and BRAEMAR HOTELS RES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRAEMAR HOTELS RES 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 BRAEMAR HOTELS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BRAEMAR HOTELS RES has no effect on the direction of GALENA MINING i.e., GALENA MINING and BRAEMAR HOTELS go up and down completely randomly.
Pair Corralation between GALENA MINING and BRAEMAR HOTELS
If you would invest 3.05 in GALENA MINING LTD on October 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 | 99.19% |
| Values | Daily Returns |
GALENA MINING LTD vs. BRAEMAR HOTELS RES
Performance |
| Timeline |
| GALENA MINING LTD |
| BRAEMAR HOTELS RES |
GALENA MINING and BRAEMAR HOTELS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and BRAEMAR HOTELS
The main advantage of trading using opposite GALENA MINING and BRAEMAR HOTELS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, BRAEMAR HOTELS 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 BRAEMAR HOTELS will offset losses from the drop in BRAEMAR HOTELS's long position.| GALENA MINING vs. Rio Tinto Group | GALENA MINING vs. Anglo American plc | GALENA MINING vs. Mineral Resources Limited | GALENA MINING vs. NEXA RESOURCES SA |
| BRAEMAR HOTELS vs. GALENA MINING LTD | BRAEMAR HOTELS vs. Compagnie Plastic Omnium | BRAEMAR HOTELS vs. Zijin Mining Group | BRAEMAR HOTELS vs. GOODYEAR T RUBBER |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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