Correlation Between Barrick Gold and HERSHEY
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By analyzing existing cross correlation between Barrick Gold Corp and HERSHEY 72 percent, you can compare the effects of market volatilities on Barrick Gold and HERSHEY 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 HERSHEY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barrick Gold and HERSHEY.
Diversification Opportunities for Barrick Gold and HERSHEY
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Barrick and HERSHEY is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and HERSHEY 72 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HERSHEY 72 percent 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 HERSHEY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HERSHEY 72 percent has no effect on the direction of Barrick Gold i.e., Barrick Gold and HERSHEY go up and down completely randomly.
Pair Corralation between Barrick Gold and HERSHEY
Given the investment horizon of 90 days Barrick Gold Corp is expected to under-perform the HERSHEY. In addition to that, Barrick Gold is 1.69 times more volatile than HERSHEY 72 percent. It trades about -0.08 of its total potential returns per unit of risk. HERSHEY 72 percent is currently generating about 0.08 per unit of volatility. If you would invest 10,883 in HERSHEY 72 percent on September 4, 2024 and sell it today you would earn a total of 242.00 from holding HERSHEY 72 percent or generate 2.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 43.75% |
| Values | Daily Returns |
Barrick Gold Corp vs. HERSHEY 72 percent
Performance |
| Timeline |
| Barrick Gold Corp |
| HERSHEY 72 percent |
Barrick Gold and HERSHEY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barrick Gold and HERSHEY
The main advantage of trading using opposite Barrick Gold and HERSHEY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barrick Gold position performs unexpectedly, HERSHEY 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 HERSHEY will offset losses from the drop in HERSHEY'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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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