Correlation Between Barrick Gold and SEAGATE
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By analyzing existing cross correlation between Barrick Gold Corp and SEAGATE HDD CAYMAN, you can compare the effects of market volatilities on Barrick Gold and SEAGATE 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 SEAGATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barrick Gold and SEAGATE.
Diversification Opportunities for Barrick Gold and SEAGATE
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Barrick and SEAGATE is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and SEAGATE HDD CAYMAN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SEAGATE HDD CAYMAN 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 SEAGATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SEAGATE HDD CAYMAN has no effect on the direction of Barrick Gold i.e., Barrick Gold and SEAGATE go up and down completely randomly.
Pair Corralation between Barrick Gold and SEAGATE
Given the investment horizon of 90 days Barrick Gold Corp is expected to under-perform the SEAGATE. In addition to that, Barrick Gold is 1.22 times more volatile than SEAGATE HDD CAYMAN. It trades about -0.16 of its total potential returns per unit of risk. SEAGATE HDD CAYMAN is currently generating about -0.09 per unit of volatility. If you would invest 9,780 in SEAGATE HDD CAYMAN on September 13, 2024 and sell it today you would lose (630.00) from holding SEAGATE HDD CAYMAN or give up 6.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.35% |
| Values | Daily Returns |
Barrick Gold Corp vs. SEAGATE HDD CAYMAN
Performance |
| Timeline |
| Barrick Gold Corp |
| SEAGATE HDD CAYMAN |
Barrick Gold and SEAGATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barrick Gold and SEAGATE
The main advantage of trading using opposite Barrick Gold and SEAGATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barrick Gold position performs unexpectedly, SEAGATE 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 SEAGATE will offset losses from the drop in SEAGATE'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 |
| SEAGATE vs. U Power Limited | SEAGATE vs. Ironveld Plc | SEAGATE vs. Barrick Gold Corp | SEAGATE vs. Dana Inc |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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