Correlation Between Barrick Gold and Outfront
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By analyzing existing cross correlation between Barrick Gold Corp and Outfront Media Capital, you can compare the effects of market volatilities on Barrick Gold and Outfront 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 Outfront. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barrick Gold and Outfront.
Diversification Opportunities for Barrick Gold and Outfront
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Barrick and Outfront is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and Outfront Media Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Outfront Media Capital 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 Outfront. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Outfront Media Capital has no effect on the direction of Barrick Gold i.e., Barrick Gold and Outfront go up and down completely randomly.
Pair Corralation between Barrick Gold and Outfront
Given the investment horizon of 90 days Barrick Gold is expected to generate 1.6 times less return on investment than Outfront. In addition to that, Barrick Gold is 1.94 times more volatile than Outfront Media Capital. It trades about 0.01 of its total potential returns per unit of risk. Outfront Media Capital is currently generating about 0.03 per unit of volatility. If you would invest 8,953 in Outfront Media Capital on September 14, 2024 and sell it today you would earn a total of 960.00 from holding Outfront Media Capital or generate 10.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.95% |
| Values | Daily Returns |
Barrick Gold Corp vs. Outfront Media Capital
Performance |
| Timeline |
| Barrick Gold Corp |
| Outfront Media Capital |
Barrick Gold and Outfront Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barrick Gold and Outfront
The main advantage of trading using opposite Barrick Gold and Outfront positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barrick Gold position performs unexpectedly, Outfront 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 Outfront will offset losses from the drop in Outfront's long position.| Barrick Gold vs. Fortitude Gold Corp | Barrick Gold vs. New Gold | Barrick Gold vs. Galiano Gold | Barrick Gold vs. GoldMining |
| Outfront vs. Perseus Mining Limited | Outfront vs. LENSAR Inc | Outfront vs. Forsys Metals Corp | Outfront vs. Barrick Gold Corp |
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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