Correlation Between GALENA MINING and COUSINS PTIES
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and COUSINS PTIES 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 COUSINS PTIES 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 COUSINS PTIES INC, you can compare the effects of market volatilities on GALENA MINING and COUSINS PTIES 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 COUSINS PTIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and COUSINS PTIES.
Diversification Opportunities for GALENA MINING and COUSINS PTIES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and COUSINS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and COUSINS PTIES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COUSINS PTIES INC 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 COUSINS PTIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COUSINS PTIES INC has no effect on the direction of GALENA MINING i.e., GALENA MINING and COUSINS PTIES go up and down completely randomly.
Pair Corralation between GALENA MINING and COUSINS PTIES
If you would invest 2,820 in COUSINS PTIES INC on September 3, 2024 and sell it today you would earn a total of 160.00 from holding COUSINS PTIES INC or generate 5.67% 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. COUSINS PTIES INC
Performance |
| Timeline |
| GALENA MINING LTD |
| COUSINS PTIES INC |
GALENA MINING and COUSINS PTIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and COUSINS PTIES
The main advantage of trading using opposite GALENA MINING and COUSINS PTIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, COUSINS PTIES 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 COUSINS PTIES will offset losses from the drop in COUSINS PTIES's long position.| GALENA MINING vs. Sekisui Chemical Co | GALENA MINING vs. CHEMICAL INDUSTRIES | GALENA MINING vs. Quaker Chemical | GALENA MINING vs. Citic Telecom International |
| COUSINS PTIES vs. OURGAME INTHOLDL 00005 | COUSINS PTIES vs. FUTURE GAMING GRP | COUSINS PTIES vs. Microchip Technology Incorporated | COUSINS PTIES vs. QINGCI GAMES 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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