Correlation Between GALENA MINING and CANON MARKETING
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and CANON MARKETING 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 CANON MARKETING 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 CANON MARKETING JP, you can compare the effects of market volatilities on GALENA MINING and CANON MARKETING 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 CANON MARKETING. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and CANON MARKETING.
Diversification Opportunities for GALENA MINING and CANON MARKETING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and CANON is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and CANON MARKETING JP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CANON MARKETING JP 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 CANON MARKETING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CANON MARKETING JP has no effect on the direction of GALENA MINING i.e., GALENA MINING and CANON MARKETING go up and down completely randomly.
Pair Corralation between GALENA MINING and CANON MARKETING
If you would invest 3.05 in GALENA MINING LTD on October 11, 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 | 94.12% |
| Values | Daily Returns |
GALENA MINING LTD vs. CANON MARKETING JP
Performance |
| Timeline |
| GALENA MINING LTD |
| CANON MARKETING JP |
GALENA MINING and CANON MARKETING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and CANON MARKETING
The main advantage of trading using opposite GALENA MINING and CANON MARKETING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, CANON MARKETING 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 CANON MARKETING will offset losses from the drop in CANON MARKETING's long position.| GALENA MINING vs. WisdomTree Investments | GALENA MINING vs. CHRYSALIS INVESTMENTS LTD | GALENA MINING vs. JLF INVESTMENT | GALENA MINING vs. Keck Seng Investments |
| CANON MARKETING vs. MCEWEN MINING INC | CANON MARKETING vs. GREENX METALS LTD | CANON MARKETING vs. FIREWEED METALS P | CANON MARKETING vs. Penn National Gaming |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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