Correlation Between GALENA MINING and Sabra Health
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Sabra Health 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 Sabra Health 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 Sabra Health Care, you can compare the effects of market volatilities on GALENA MINING and Sabra Health 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 Sabra Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Sabra Health.
Diversification Opportunities for GALENA MINING and Sabra Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Sabra is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Sabra Health Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sabra Health Care 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 Sabra Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sabra Health Care has no effect on the direction of GALENA MINING i.e., GALENA MINING and Sabra Health go up and down completely randomly.
Pair Corralation between GALENA MINING and Sabra Health
If you would invest 1,502 in Sabra Health Care on September 3, 2024 and sell it today you would earn a total of 279.00 from holding Sabra Health Care or generate 18.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
GALENA MINING LTD vs. Sabra Health Care
Performance |
| Timeline |
| GALENA MINING LTD |
| Sabra Health Care |
GALENA MINING and Sabra Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Sabra Health
The main advantage of trading using opposite GALENA MINING and Sabra Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Sabra Health 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 Sabra Health will offset losses from the drop in Sabra Health's long position.| GALENA MINING vs. Sekisui Chemical Co | GALENA MINING vs. CHEMICAL INDUSTRIES | GALENA MINING vs. Quaker Chemical | GALENA MINING vs. Citic Telecom International |
| Sabra Health vs. THAI BEVERAGE | Sabra Health vs. Lifeway Foods | Sabra Health vs. Cal Maine Foods | Sabra Health vs. SENECA FOODS A |
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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