Correlation Between GALENA MINING and CRAWFORD A
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and CRAWFORD A 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 CRAWFORD A 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 CRAWFORD A NV, you can compare the effects of market volatilities on GALENA MINING and CRAWFORD A 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 CRAWFORD A. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and CRAWFORD A.
Diversification Opportunities for GALENA MINING and CRAWFORD A
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and CRAWFORD is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and CRAWFORD A NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CRAWFORD A NV 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 CRAWFORD A. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CRAWFORD A NV has no effect on the direction of GALENA MINING i.e., GALENA MINING and CRAWFORD A go up and down completely randomly.
Pair Corralation between GALENA MINING and CRAWFORD A
Assuming the 90 days horizon GALENA MINING LTD is expected to under-perform the CRAWFORD A. In addition to that, GALENA MINING is 2.08 times more volatile than CRAWFORD A NV. It trades about -0.02 of its total potential returns per unit of risk. CRAWFORD A NV is currently generating about 0.06 per unit of volatility. If you would invest 554.00 in CRAWFORD A NV on October 27, 2024 and sell it today you would earn a total of 536.00 from holding CRAWFORD A NV or generate 96.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
GALENA MINING LTD vs. CRAWFORD A NV
Performance |
| Timeline |
| GALENA MINING LTD |
| CRAWFORD A NV |
GALENA MINING and CRAWFORD A Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and CRAWFORD A
The main advantage of trading using opposite GALENA MINING and CRAWFORD A positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, CRAWFORD A 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 CRAWFORD A will offset losses from the drop in CRAWFORD A's long position.| GALENA MINING vs. Rio Tinto Group | GALENA MINING vs. Anglo American plc | GALENA MINING vs. Mineral Resources Limited | GALENA MINING vs. NEXA RESOURCES SA |
| CRAWFORD A vs. ECHO INVESTMENT ZY | CRAWFORD A vs. Apollo Investment Corp | CRAWFORD A vs. CHEMICAL INDUSTRIES | CRAWFORD A vs. Guangdong Investment Limited |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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