Correlation Between GALENA MINING and Diamyd Medical
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Diamyd Medical 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 Diamyd Medical 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 Diamyd Medical AB, you can compare the effects of market volatilities on GALENA MINING and Diamyd Medical 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 Diamyd Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Diamyd Medical.
Diversification Opportunities for GALENA MINING and Diamyd Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Diamyd is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Diamyd Medical AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Diamyd Medical AB 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 Diamyd Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Diamyd Medical AB has no effect on the direction of GALENA MINING i.e., GALENA MINING and Diamyd Medical go up and down completely randomly.
Pair Corralation between GALENA MINING and Diamyd Medical
If you would invest 109.00 in Diamyd Medical AB on September 1, 2024 and sell it today you would lose (2.00) from holding Diamyd Medical AB or give up 1.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
GALENA MINING LTD vs. Diamyd Medical AB
Performance |
| Timeline |
| GALENA MINING LTD |
| Diamyd Medical AB |
GALENA MINING and Diamyd Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Diamyd Medical
The main advantage of trading using opposite GALENA MINING and Diamyd Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Diamyd Medical 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 Diamyd Medical will offset losses from the drop in Diamyd Medical's long position.| GALENA MINING vs. Rio Tinto Group | GALENA MINING vs. Liontown Resources Limited | GALENA MINING vs. American Lithium Corp |
| Diamyd Medical vs. DXC Technology Co | Diamyd Medical vs. Digilife Technologies Limited | Diamyd Medical vs. Amkor Technology | Diamyd Medical vs. GEAR4MUSIC LS 10 |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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