Correlation Between GALENA MINING and Thermo Fisher
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Thermo Fisher 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 Thermo Fisher 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 Thermo Fisher Scientific, you can compare the effects of market volatilities on GALENA MINING and Thermo Fisher 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 Thermo Fisher. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Thermo Fisher.
Diversification Opportunities for GALENA MINING and Thermo Fisher
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Thermo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Thermo Fisher Scientific in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thermo Fisher Scientific 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 Thermo Fisher. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thermo Fisher Scientific has no effect on the direction of GALENA MINING i.e., GALENA MINING and Thermo Fisher go up and down completely randomly.
Pair Corralation between GALENA MINING and Thermo Fisher
If you would invest 3.05 in GALENA MINING LTD on September 13, 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 | 95.45% |
| Values | Daily Returns |
GALENA MINING LTD vs. Thermo Fisher Scientific
Performance |
| Timeline |
| GALENA MINING LTD |
| Thermo Fisher Scientific |
GALENA MINING and Thermo Fisher Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Thermo Fisher
The main advantage of trading using opposite GALENA MINING and Thermo Fisher positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Thermo Fisher 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 Thermo Fisher will offset losses from the drop in Thermo Fisher's long position.| GALENA MINING vs. American Lithium Corp | GALENA MINING vs. ADRIATIC METALS LS 013355 | GALENA MINING vs. Superior Plus Corp | GALENA MINING vs. SIVERS SEMICONDUCTORS AB |
| Thermo Fisher vs. TYSON FOODS A | Thermo Fisher vs. COFCO Joycome Foods | Thermo Fisher vs. Infrastrutture Wireless Italiane | Thermo Fisher vs. Ebro Foods SA |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Stocks Directory Find actively traded stocks across global markets |