Correlation Between GALENA MINING and Progressive
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Progressive 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 Progressive 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 The Progressive, you can compare the effects of market volatilities on GALENA MINING and Progressive 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 Progressive. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Progressive.
Diversification Opportunities for GALENA MINING and Progressive
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Progressive is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and The Progressive in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Progressive 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 Progressive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Progressive has no effect on the direction of GALENA MINING i.e., GALENA MINING and Progressive go up and down completely randomly.
Pair Corralation between GALENA MINING and Progressive
Assuming the 90 days horizon GALENA MINING LTD is expected to under-perform the Progressive. In addition to that, GALENA MINING is 1.28 times more volatile than The Progressive. It trades about -0.05 of its total potential returns per unit of risk. The Progressive is currently generating about 0.16 per unit of volatility. If you would invest 14,638 in The Progressive on September 4, 2024 and sell it today you would earn a total of 10,987 from holding The Progressive or generate 75.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GALENA MINING LTD vs. The Progressive
Performance |
| Timeline |
| GALENA MINING LTD |
| Progressive |
GALENA MINING and Progressive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Progressive
The main advantage of trading using opposite GALENA MINING and Progressive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Progressive 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 Progressive will offset losses from the drop in Progressive's long position.| GALENA MINING vs. CDL INVESTMENT | GALENA MINING vs. SLR Investment Corp | GALENA MINING vs. ECHO INVESTMENT ZY | GALENA MINING vs. SEI INVESTMENTS |
| Progressive vs. Ameriprise Financial | Progressive vs. GALENA MINING LTD | Progressive vs. Harmony Gold Mining | Progressive vs. GRIFFIN MINING LTD |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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