Correlation Between Golden Star and Comstock Holding
Can any of the company-specific risk be diversified away by investing in both Golden Star and Comstock Holding 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 Golden Star and Comstock Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Star Acquisition and Comstock Holding Companies, you can compare the effects of market volatilities on Golden Star and Comstock Holding 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 Golden Star with a short position of Comstock Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Star and Comstock Holding.
Diversification Opportunities for Golden Star and Comstock Holding
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Golden and Comstock is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Golden Star Acquisition and Comstock Holding Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comstock Holding Com and Golden Star 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 Golden Star Acquisition are associated (or correlated) with Comstock Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comstock Holding Com has no effect on the direction of Golden Star i.e., Golden Star and Comstock Holding go up and down completely randomly.
Pair Corralation between Golden Star and Comstock Holding
Assuming the 90 days horizon Golden Star Acquisition is expected to generate 19.6 times more return on investment than Comstock Holding. However, Golden Star is 19.6 times more volatile than Comstock Holding Companies. It trades about 0.09 of its potential returns per unit of risk. Comstock Holding Companies is currently generating about 0.05 per unit of risk. If you would invest 0.00 in Golden Star Acquisition on September 3, 2024 and sell it today you would earn a total of 32.00 from holding Golden Star Acquisition or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 36.77% |
| Values | Daily Returns |
Golden Star Acquisition vs. Comstock Holding Companies
Performance |
| Timeline |
| Golden Star Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Comstock Holding Com |
Golden Star and Comstock Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Star and Comstock Holding
The main advantage of trading using opposite Golden Star and Comstock Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Star position performs unexpectedly, Comstock Holding 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 Comstock Holding will offset losses from the drop in Comstock Holding's long position.| Golden Star vs. Comstock Holding Companies | Golden Star vs. PennantPark Investment | Golden Star vs. Anterix | Golden Star vs. Montauk Renewables |
| Comstock Holding vs. St Joe Company | Comstock Holding vs. Stratus Properties | Comstock Holding vs. Mitsui Fudosan Co | Comstock Holding vs. New World Development |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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