Correlation Between Getty Copper and Lakeside Holding
Can any of the company-specific risk be diversified away by investing in both Getty Copper and Lakeside Holding 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 Lakeside Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Copper and Lakeside Holding Limited, you can compare the effects of market volatilities on Getty Copper and Lakeside Holding 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 Lakeside Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Copper and Lakeside Holding.
Diversification Opportunities for Getty Copper and Lakeside Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Getty and Lakeside is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getty Copper and Lakeside Holding Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lakeside Holding 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 Lakeside Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lakeside Holding has no effect on the direction of Getty Copper i.e., Getty Copper and Lakeside Holding go up and down completely randomly.
Pair Corralation between Getty Copper and Lakeside Holding
If you would invest 264.00 in Lakeside Holding Limited on August 27, 2024 and sell it today you would earn a total of 30.00 from holding Lakeside Holding Limited or generate 11.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getty Copper vs. Lakeside Holding Limited
Performance |
| Timeline |
| Getty Copper |
| Lakeside Holding |
Getty Copper and Lakeside Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Copper and Lakeside Holding
The main advantage of trading using opposite Getty Copper and Lakeside Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Copper position performs unexpectedly, Lakeside Holding 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 Lakeside Holding will offset losses from the drop in Lakeside Holding's long position.| Getty Copper vs. OM Holdings Limited | Getty Copper vs. Cobalt Blue Holdings | Getty Copper vs. Metals X Limited |
| Lakeside Holding vs. Sensient Technologies | Lakeside Holding vs. Barrick Gold Corp | Lakeside Holding vs. Getty Copper | Lakeside Holding vs. Alvotech |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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