Correlation Between GALENA MINING and NEWELL RUBBERMAID
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and NEWELL RUBBERMAID 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 NEWELL RUBBERMAID 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 NEWELL RUBBERMAID , you can compare the effects of market volatilities on GALENA MINING and NEWELL RUBBERMAID 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 NEWELL RUBBERMAID. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and NEWELL RUBBERMAID.
Diversification Opportunities for GALENA MINING and NEWELL RUBBERMAID
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and NEWELL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and NEWELL RUBBERMAID in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEWELL RUBBERMAID 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 NEWELL RUBBERMAID. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEWELL RUBBERMAID has no effect on the direction of GALENA MINING i.e., GALENA MINING and NEWELL RUBBERMAID go up and down completely randomly.
Pair Corralation between GALENA MINING and NEWELL RUBBERMAID
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 | 88.89% |
| Values | Daily Returns |
GALENA MINING LTD vs. NEWELL RUBBERMAID
Performance |
| Timeline |
| GALENA MINING LTD |
| NEWELL RUBBERMAID |
GALENA MINING and NEWELL RUBBERMAID Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and NEWELL RUBBERMAID
The main advantage of trading using opposite GALENA MINING and NEWELL RUBBERMAID positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, NEWELL RUBBERMAID 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 NEWELL RUBBERMAID will offset losses from the drop in NEWELL RUBBERMAID'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 |
| NEWELL RUBBERMAID vs. CLEAN ENERGY FUELS | NEWELL RUBBERMAID vs. GALENA MINING LTD | NEWELL RUBBERMAID vs. GWILLI FOOD | NEWELL RUBBERMAID vs. Austevoll Seafood ASA |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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