Correlation Between GALENA MINING and Cass Information
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Cass Information 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 Cass Information 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 Cass Information Systems, you can compare the effects of market volatilities on GALENA MINING and Cass Information 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 Cass Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Cass Information.
Diversification Opportunities for GALENA MINING and Cass Information
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Cass is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Cass Information Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cass Information Systems 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 Cass Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cass Information Systems has no effect on the direction of GALENA MINING i.e., GALENA MINING and Cass Information go up and down completely randomly.
Pair Corralation between GALENA MINING and Cass Information
If you would invest 3,566 in Cass Information Systems on November 7, 2024 and sell it today you would earn a total of 394.00 from holding Cass Information Systems or generate 11.05% 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. Cass Information Systems
Performance |
| Timeline |
| GALENA MINING LTD |
| Cass Information Systems |
GALENA MINING and Cass Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Cass Information
The main advantage of trading using opposite GALENA MINING and Cass Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Cass Information 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 Cass Information will offset losses from the drop in Cass Information's long position.| GALENA MINING vs. PLANT VEDA FOODS | GALENA MINING vs. COFCO Joycome Foods | GALENA MINING vs. Caseys General Stores | GALENA MINING vs. RETAIL FOOD GROUP |
| Cass Information vs. INFORMATION SVC GRP | Cass Information vs. Ribbon Communications | Cass Information vs. Highlight Communications AG | Cass Information vs. Pure Storage |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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