Correlation Between GALENA MINING and BJs Restaurants
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and BJs Restaurants 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 BJs Restaurants 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 BJs Restaurants, you can compare the effects of market volatilities on GALENA MINING and BJs Restaurants 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 BJs Restaurants. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and BJs Restaurants.
Diversification Opportunities for GALENA MINING and BJs Restaurants
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and BJs is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and BJs Restaurants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BJs Restaurants 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 BJs Restaurants. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BJs Restaurants has no effect on the direction of GALENA MINING i.e., GALENA MINING and BJs Restaurants go up and down completely randomly.
Pair Corralation between GALENA MINING and BJs Restaurants
If you would invest 3,100 in BJs Restaurants on September 13, 2024 and sell it today you would earn a total of 240.00 from holding BJs Restaurants or generate 7.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.67% |
| Values | Daily Returns |
GALENA MINING LTD vs. BJs Restaurants
Performance |
| Timeline |
| GALENA MINING LTD |
| BJs Restaurants |
GALENA MINING and BJs Restaurants Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and BJs Restaurants
The main advantage of trading using opposite GALENA MINING and BJs Restaurants positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, BJs Restaurants 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 BJs Restaurants will offset losses from the drop in BJs Restaurants' 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 |
| BJs Restaurants vs. Apple Inc | BJs Restaurants vs. Apple Inc | BJs Restaurants vs. Apple Inc | BJs Restaurants vs. Apple Inc |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |