Correlation Between GALENA MINING and ANTA SPORTS
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and ANTA SPORTS 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 ANTA SPORTS 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 ANTA SPORTS PRODUCT, you can compare the effects of market volatilities on GALENA MINING and ANTA SPORTS 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 ANTA SPORTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and ANTA SPORTS.
Diversification Opportunities for GALENA MINING and ANTA SPORTS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and ANTA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and ANTA SPORTS PRODUCT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTA SPORTS PRODUCT 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 ANTA SPORTS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANTA SPORTS PRODUCT has no effect on the direction of GALENA MINING i.e., GALENA MINING and ANTA SPORTS go up and down completely randomly.
Pair Corralation between GALENA MINING and ANTA SPORTS
Assuming the 90 days horizon GALENA MINING LTD is expected to under-perform the ANTA SPORTS. But the stock apears to be less risky and, when comparing its historical volatility, GALENA MINING LTD is 1.64 times less risky than ANTA SPORTS. The stock trades about -0.05 of its potential returns per unit of risk. The ANTA SPORTS PRODUCT is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 659.00 in ANTA SPORTS PRODUCT on September 4, 2024 and sell it today you would earn a total of 284.00 from holding ANTA SPORTS PRODUCT or generate 43.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
GALENA MINING LTD vs. ANTA SPORTS PRODUCT
Performance |
| Timeline |
| GALENA MINING LTD |
| ANTA SPORTS PRODUCT |
GALENA MINING and ANTA SPORTS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and ANTA SPORTS
The main advantage of trading using opposite GALENA MINING and ANTA SPORTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, ANTA SPORTS 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 ANTA SPORTS will offset losses from the drop in ANTA SPORTS's long position.| GALENA MINING vs. CDL INVESTMENT | GALENA MINING vs. SLR Investment Corp | GALENA MINING vs. ECHO INVESTMENT ZY | GALENA MINING vs. SEI INVESTMENTS |
| ANTA SPORTS vs. ECHO INVESTMENT ZY | ANTA SPORTS vs. SLR Investment Corp | ANTA SPORTS vs. Wyndham Hotels Resorts | ANTA SPORTS vs. Pembina Pipeline 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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