Correlation Between Barrick Gold and 70082LAB3
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By analyzing existing cross correlation between Barrick Gold Corp and US70082LAB36, you can compare the effects of market volatilities on Barrick Gold and 70082LAB3 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 70082LAB3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barrick Gold and 70082LAB3.
Diversification Opportunities for Barrick Gold and 70082LAB3
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Barrick and 70082LAB3 is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and US70082LAB36 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US70082LAB36 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 70082LAB3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US70082LAB36 has no effect on the direction of Barrick Gold i.e., Barrick Gold and 70082LAB3 go up and down completely randomly.
Pair Corralation between Barrick Gold and 70082LAB3
Given the investment horizon of 90 days Barrick Gold Corp is expected to generate 2.21 times more return on investment than 70082LAB3. However, Barrick Gold is 2.21 times more volatile than US70082LAB36. It trades about 0.03 of its potential returns per unit of risk. US70082LAB36 is currently generating about 0.01 per unit of risk. If you would invest 1,662 in Barrick Gold Corp on September 3, 2024 and sell it today you would earn a total of 70.00 from holding Barrick Gold Corp or generate 4.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 52.0% |
| Values | Daily Returns |
Barrick Gold Corp vs. US70082LAB36
Performance |
| Timeline |
| Barrick Gold Corp |
| US70082LAB36 |
Barrick Gold and 70082LAB3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barrick Gold and 70082LAB3
The main advantage of trading using opposite Barrick Gold and 70082LAB3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barrick Gold position performs unexpectedly, 70082LAB3 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 70082LAB3 will offset losses from the drop in 70082LAB3's long position.| Barrick Gold vs. Agnico Eagle Mines | Barrick Gold vs. Gold Fields Ltd | Barrick Gold vs. Franco Nevada | Barrick Gold vs. Sandstorm Gold Ltd |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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