Correlation Between Barrick Gold and APPLE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Barrick Gold Corp and APPLE INC 245, you can compare the effects of market volatilities on Barrick Gold and APPLE 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 Barrick Gold with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barrick Gold and APPLE.
Diversification Opportunities for Barrick Gold and APPLE
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Barrick and APPLE is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and APPLE INC 245 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 245 and Barrick Gold 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 Barrick Gold Corp are associated (or correlated) with APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 245 has no effect on the direction of Barrick Gold i.e., Barrick Gold and APPLE go up and down completely randomly.
Pair Corralation between Barrick Gold and APPLE
Given the investment horizon of 90 days Barrick Gold Corp is expected to generate 6.35 times more return on investment than APPLE. However, Barrick Gold is 6.35 times more volatile than APPLE INC 245. It trades about 0.02 of its potential returns per unit of risk. APPLE INC 245 is currently generating about 0.01 per unit of risk. If you would invest 1,604 in Barrick Gold Corp on September 2, 2024 and sell it today you would earn a total of 145.00 from holding Barrick Gold Corp or generate 9.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Barrick Gold Corp vs. APPLE INC 245
Performance |
| Timeline |
| Barrick Gold Corp |
| APPLE INC 245 |
Barrick Gold and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barrick Gold and APPLE
The main advantage of trading using opposite Barrick Gold and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barrick Gold position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Barrick Gold vs. Agnico Eagle Mines | Barrick Gold vs. Pan American Silver | Barrick Gold vs. Wheaton Precious Metals | Barrick Gold vs. Kinross Gold |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Stocks Directory Find actively traded stocks across global markets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |