Correlation Between Barrick Gold and TRAVELERS
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By analyzing existing cross correlation between Barrick Gold Corp and TRAVELERS INS GROUP, you can compare the effects of market volatilities on Barrick Gold and TRAVELERS 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 TRAVELERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barrick Gold and TRAVELERS.
Diversification Opportunities for Barrick Gold and TRAVELERS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Barrick and TRAVELERS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and TRAVELERS INS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRAVELERS INS GROUP 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 TRAVELERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRAVELERS INS GROUP has no effect on the direction of Barrick Gold i.e., Barrick Gold and TRAVELERS go up and down completely randomly.
Pair Corralation between Barrick Gold and TRAVELERS
If you would invest (100.00) in TRAVELERS INS GROUP on October 7, 2024 and sell it today you would earn a total of 100.00 from holding TRAVELERS INS GROUP or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Barrick Gold Corp vs. TRAVELERS INS GROUP
Performance |
| Timeline |
| Barrick Gold Corp |
| TRAVELERS INS GROUP |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Barrick Gold and TRAVELERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barrick Gold and TRAVELERS
The main advantage of trading using opposite Barrick Gold and TRAVELERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barrick Gold position performs unexpectedly, TRAVELERS 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 TRAVELERS will offset losses from the drop in TRAVELERS'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 |
| TRAVELERS vs. Utah Medical Products | TRAVELERS vs. Skechers USA | TRAVELERS vs. Denison Mines Corp | TRAVELERS vs. Summit Materials |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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