Correlation Between Lion One and United
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By analyzing existing cross correlation between Lion One Metals and United States Cellular, you can compare the effects of market volatilities on Lion One and United 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 Lion One with a short position of United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lion One and United.
Diversification Opportunities for Lion One and United
Weak diversification
The 3 months correlation between Lion and United is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Lion One Metals and United States Cellular in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United States Cellular and Lion One 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 Lion One Metals are associated (or correlated) with United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United States Cellular has no effect on the direction of Lion One i.e., Lion One and United go up and down completely randomly.
Pair Corralation between Lion One and United
Assuming the 90 days horizon Lion One Metals is expected to generate 1.93 times more return on investment than United. However, Lion One is 1.93 times more volatile than United States Cellular. It trades about -0.01 of its potential returns per unit of risk. United States Cellular is currently generating about -0.12 per unit of risk. If you would invest 22.00 in Lion One Metals on September 3, 2024 and sell it today you would lose (1.00) from holding Lion One Metals or give up 4.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.31% |
| Values | Daily Returns |
Lion One Metals vs. United States Cellular
Performance |
| Timeline |
| Lion One Metals |
| United States Cellular |
Lion One and United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lion One and United
The main advantage of trading using opposite Lion One and United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lion One position performs unexpectedly, United 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 United will offset losses from the drop in United's long position.| Lion One vs. Irving Resources | Lion One vs. Headwater Gold | Lion One vs. Novo Resources Corp | Lion One vs. Snowline Gold Corp |
| United vs. Paiute Oil Mining | United vs. Getty Copper | United vs. Artisan Partners Asset | United vs. Lion One Metals |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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