Correlation Between Barrick Gold and 37045XDU7
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By analyzing existing cross correlation between Barrick Gold Corp and GM 38 07 APR 25, you can compare the effects of market volatilities on Barrick Gold and 37045XDU7 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 37045XDU7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barrick Gold and 37045XDU7.
Diversification Opportunities for Barrick Gold and 37045XDU7
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Barrick and 37045XDU7 is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and GM 38 07 APR 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 37045XDU7 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 37045XDU7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 37045XDU7 has no effect on the direction of Barrick Gold i.e., Barrick Gold and 37045XDU7 go up and down completely randomly.
Pair Corralation between Barrick Gold and 37045XDU7
Given the investment horizon of 90 days Barrick Gold Corp is expected to under-perform the 37045XDU7. In addition to that, Barrick Gold is 8.15 times more volatile than GM 38 07 APR 25. It trades about 0.0 of its total potential returns per unit of risk. GM 38 07 APR 25 is currently generating about 0.02 per unit of volatility. If you would invest 9,716 in GM 38 07 APR 25 on October 25, 2024 and sell it today you would earn a total of 220.00 from holding GM 38 07 APR 25 or generate 2.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.35% |
| Values | Daily Returns |
Barrick Gold Corp vs. GM 38 07 APR 25
Performance |
| Timeline |
| Barrick Gold Corp |
| 37045XDU7 |
Barrick Gold and 37045XDU7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barrick Gold and 37045XDU7
The main advantage of trading using opposite Barrick Gold and 37045XDU7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barrick Gold position performs unexpectedly, 37045XDU7 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 37045XDU7 will offset losses from the drop in 37045XDU7'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 |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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