Correlation Between Getty Copper and Barrick Gold
Can any of the company-specific risk be diversified away by investing in both Getty Copper and Barrick Gold at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Getty Copper and Barrick Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Copper and Barrick Gold Corp, you can compare the effects of market volatilities on Getty Copper and Barrick Gold 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 Getty Copper with a short position of Barrick Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Copper and Barrick Gold.
Diversification Opportunities for Getty Copper and Barrick Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Getty and Barrick is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getty Copper and Barrick Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barrick Gold Corp and Getty Copper 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 Getty Copper are associated (or correlated) with Barrick Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barrick Gold Corp has no effect on the direction of Getty Copper i.e., Getty Copper and Barrick Gold go up and down completely randomly.
Pair Corralation between Getty Copper and Barrick Gold
If you would invest 4.88 in Getty Copper on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Getty Copper or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Getty Copper vs. Barrick Gold Corp
Performance |
| Timeline |
| Getty Copper |
| Barrick Gold Corp |
Getty Copper and Barrick Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Copper and Barrick Gold
The main advantage of trading using opposite Getty Copper and Barrick Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Copper position performs unexpectedly, Barrick Gold 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 Barrick Gold will offset losses from the drop in Barrick Gold's long position.| Getty Copper vs. Ameriwest Lithium | Getty Copper vs. Osisko Metals Incorporated | Getty Copper vs. Volt Lithium Corp |
| 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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