Correlation Between GALENA MINING and BRAGG GAMING
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and BRAGG GAMING 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 BRAGG GAMING 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 BRAGG GAMING GRP, you can compare the effects of market volatilities on GALENA MINING and BRAGG GAMING 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 BRAGG GAMING. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and BRAGG GAMING.
Diversification Opportunities for GALENA MINING and BRAGG GAMING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and BRAGG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and BRAGG GAMING GRP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRAGG GAMING GRP 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 BRAGG GAMING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BRAGG GAMING GRP has no effect on the direction of GALENA MINING i.e., GALENA MINING and BRAGG GAMING go up and down completely randomly.
Pair Corralation between GALENA MINING and BRAGG GAMING
If you would invest 308.00 in BRAGG GAMING GRP on October 11, 2024 and sell it today you would earn a total of 40.00 from holding BRAGG GAMING GRP or generate 12.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
GALENA MINING LTD vs. BRAGG GAMING GRP
Performance |
| Timeline |
| GALENA MINING LTD |
| BRAGG GAMING GRP |
GALENA MINING and BRAGG GAMING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and BRAGG GAMING
The main advantage of trading using opposite GALENA MINING and BRAGG GAMING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, BRAGG GAMING 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 BRAGG GAMING will offset losses from the drop in BRAGG GAMING'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 |
| BRAGG GAMING vs. Ultra Clean Holdings | BRAGG GAMING vs. Insteel Industries | BRAGG GAMING vs. Mount Gibson Iron | BRAGG GAMING vs. GALENA 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 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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