Correlation Between GALENA MINING and HOYA
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and HOYA 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 HOYA 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 HOYA Corporation, you can compare the effects of market volatilities on GALENA MINING and HOYA 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 HOYA. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and HOYA.
Diversification Opportunities for GALENA MINING and HOYA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and HOYA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and HOYA Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HOYA 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 HOYA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HOYA has no effect on the direction of GALENA MINING i.e., GALENA MINING and HOYA go up and down completely randomly.
Pair Corralation between GALENA MINING and HOYA
If you would invest 7,104 in HOYA Corporation on October 27, 2024 and sell it today you would earn a total of 5,971 from holding HOYA Corporation or generate 84.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 99.47% |
Values | Daily Returns |
GALENA MINING LTD vs. HOYA Corp.
Performance |
Timeline |
GALENA MINING LTD |
HOYA |
GALENA MINING and HOYA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GALENA MINING and HOYA
The main advantage of trading using opposite GALENA MINING and HOYA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, HOYA 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 HOYA will offset losses from the drop in HOYA'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 |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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