Correlation Between Mawson Gold and Canadian General
Can any of the company-specific risk be diversified away by investing in both Mawson Gold and Canadian General 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 Mawson Gold and Canadian General into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mawson Gold Limited and Canadian General Investments, you can compare the effects of market volatilities on Mawson Gold and Canadian General 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 Mawson Gold with a short position of Canadian General. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mawson Gold and Canadian General.
Diversification Opportunities for Mawson Gold and Canadian General
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mawson and Canadian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mawson Gold Limited and Canadian General Investments in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian General Inv and Mawson 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 Mawson Gold Limited are associated (or correlated) with Canadian General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian General Inv has no effect on the direction of Mawson Gold i.e., Mawson Gold and Canadian General go up and down completely randomly.
Pair Corralation between Mawson Gold and Canadian General
If you would invest 3,466 in Canadian General Investments on September 12, 2024 and sell it today you would earn a total of 698.00 from holding Canadian General Investments or generate 20.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.28% |
| Values | Daily Returns |
Mawson Gold Limited vs. Canadian General Investments
Performance |
| Timeline |
| Mawson Gold Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Canadian General Inv |
Mawson Gold and Canadian General Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mawson Gold and Canadian General
The main advantage of trading using opposite Mawson Gold and Canadian General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mawson Gold position performs unexpectedly, Canadian General 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 Canadian General will offset losses from the drop in Canadian General's long position.| Mawson Gold vs. Verizon Communications CDR | Mawson Gold vs. TGS Esports | Mawson Gold vs. HOME DEPOT CDR | Mawson Gold vs. Dream Office Real |
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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 Stocks Directory module to find actively traded stocks across global markets.
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