Correlation Between GALENA MINING and Burlington Stores
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Burlington Stores 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 Burlington Stores 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 Burlington Stores, you can compare the effects of market volatilities on GALENA MINING and Burlington Stores 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 Burlington Stores. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Burlington Stores.
Diversification Opportunities for GALENA MINING and Burlington Stores
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Burlington is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Burlington Stores in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Burlington Stores 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 Burlington Stores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Burlington Stores has no effect on the direction of GALENA MINING i.e., GALENA MINING and Burlington Stores go up and down completely randomly.
Pair Corralation between GALENA MINING and Burlington Stores
If you would invest 23,200 in Burlington Stores on August 30, 2024 and sell it today you would earn a total of 4,200 from holding Burlington Stores or generate 18.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
GALENA MINING LTD vs. Burlington Stores
Performance |
| Timeline |
| GALENA MINING LTD |
| Burlington Stores |
GALENA MINING and Burlington Stores Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Burlington Stores
The main advantage of trading using opposite GALENA MINING and Burlington Stores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Burlington Stores 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 Burlington Stores will offset losses from the drop in Burlington Stores' long position.| GALENA MINING vs. CN MODERN DAIRY | GALENA MINING vs. AUSNUTRIA DAIRY | GALENA MINING vs. Tyson Foods | GALENA MINING vs. SEKISUI CHEMICAL |
| Burlington Stores vs. Apple Inc | Burlington Stores vs. Apple Inc | Burlington Stores vs. Apple Inc | Burlington Stores vs. Apple Inc |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Transaction History View history of all your transactions and understand their impact on performance |