Correlation Between GALENA MINING and Ebro Foods
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Ebro Foods 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 Ebro Foods 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 Ebro Foods SA, you can compare the effects of market volatilities on GALENA MINING and Ebro Foods 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 Ebro Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Ebro Foods.
Diversification Opportunities for GALENA MINING and Ebro Foods
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Ebro is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Ebro Foods SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ebro Foods SA 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 Ebro Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ebro Foods SA has no effect on the direction of GALENA MINING i.e., GALENA MINING and Ebro Foods go up and down completely randomly.
Pair Corralation between GALENA MINING and Ebro Foods
If you would invest 3.05 in GALENA MINING LTD on September 25, 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 | 95.24% |
| Values | Daily Returns |
GALENA MINING LTD vs. Ebro Foods SA
Performance |
| Timeline |
| GALENA MINING LTD |
| Ebro Foods SA |
GALENA MINING and Ebro Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Ebro Foods
The main advantage of trading using opposite GALENA MINING and Ebro Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Ebro Foods 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 Ebro Foods will offset losses from the drop in Ebro Foods' long position.| GALENA MINING vs. Chalice Mining Limited | GALENA MINING vs. MAGNUM MINING EXP | GALENA MINING vs. G III Apparel Group | GALENA MINING vs. URBAN OUTFITTERS |
| Ebro Foods vs. JAPAN TOBACCO UNSPADR12 | Ebro Foods vs. GALENA MINING LTD | Ebro Foods vs. Perseus Mining Limited | Ebro Foods vs. BRIT AMER TOBACCO |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |