Correlation Between GALENA MINING and Vossloh AG
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and Vossloh AG 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 Vossloh AG 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 Vossloh AG, you can compare the effects of market volatilities on GALENA MINING and Vossloh AG 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 Vossloh AG. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and Vossloh AG.
Diversification Opportunities for GALENA MINING and Vossloh AG
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and Vossloh is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and Vossloh AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vossloh AG 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 Vossloh AG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vossloh AG has no effect on the direction of GALENA MINING i.e., GALENA MINING and Vossloh AG go up and down completely randomly.
Pair Corralation between GALENA MINING and Vossloh AG
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. Vossloh AG
Performance |
| Timeline |
| GALENA MINING LTD |
| Vossloh AG |
GALENA MINING and Vossloh AG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and Vossloh AG
The main advantage of trading using opposite GALENA MINING and Vossloh AG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, Vossloh AG 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 Vossloh AG will offset losses from the drop in Vossloh AG'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 |
| Vossloh AG vs. GRIFFIN MINING LTD | Vossloh AG vs. Evolution Mining Limited | Vossloh AG vs. LION ONE METALS | Vossloh AG 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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