Correlation Between GALENA MINING and Cal-Maine Foods
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Cal-Maine 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 Cal-Maine 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 Cal Maine Foods, you can compare the effects of market volatilities on GALENA MINING and Cal-Maine 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 Cal-Maine Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Cal-Maine Foods.
Diversification Opportunities for GALENA MINING and Cal-Maine Foods
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Cal-Maine is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Cal Maine Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cal Maine Foods 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 Cal-Maine Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cal Maine Foods has no effect on the direction of GALENA MINING i.e., GALENA MINING and Cal-Maine Foods go up and down completely randomly.
Pair Corralation between GALENA MINING and Cal-Maine Foods
If you would invest 8,340 in Cal Maine Foods on January 16, 2025 and sell it today you would earn a total of 288.00 from holding Cal Maine Foods or generate 3.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 22.73% |
| Values | Daily Returns |
GALENA MINING LTD vs. Cal Maine Foods
Performance |
| Timeline |
| GALENA MINING LTD |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Cal Maine Foods |
GALENA MINING and Cal-Maine Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Cal-Maine Foods
The main advantage of trading using opposite GALENA MINING and Cal-Maine Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Cal-Maine 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 Cal-Maine Foods will offset losses from the drop in Cal-Maine Foods' long position.| GALENA MINING vs. MARKET VECTR RETAIL | GALENA MINING vs. KENEDIX OFFICE INV | GALENA MINING vs. Fast Retailing Co | GALENA MINING vs. COSTCO WHOLESALE CDR |
| Cal-Maine Foods vs. Nestl SA | Cal-Maine Foods vs. Kraft Heinz Co | Cal-Maine Foods vs. General Mills | Cal-Maine Foods vs. General Mills |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |