Correlation Between Mayfair Gold and Glacier Bancorp
Can any of the company-specific risk be diversified away by investing in both Mayfair Gold and Glacier Bancorp 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 Mayfair Gold and Glacier Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mayfair Gold Corp and Glacier Bancorp, you can compare the effects of market volatilities on Mayfair Gold and Glacier Bancorp 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 Mayfair Gold with a short position of Glacier Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mayfair Gold and Glacier Bancorp.
Diversification Opportunities for Mayfair Gold and Glacier Bancorp
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Mayfair and Glacier is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Mayfair Gold Corp and Glacier Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glacier Bancorp and Mayfair 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 Mayfair Gold Corp are associated (or correlated) with Glacier Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glacier Bancorp has no effect on the direction of Mayfair Gold i.e., Mayfair Gold and Glacier Bancorp go up and down completely randomly.
Pair Corralation between Mayfair Gold and Glacier Bancorp
Assuming the 90 days horizon Mayfair Gold Corp is expected to under-perform the Glacier Bancorp. In addition to that, Mayfair Gold is 1.14 times more volatile than Glacier Bancorp. It trades about -0.02 of its total potential returns per unit of risk. Glacier Bancorp is currently generating about 0.09 per unit of volatility. If you would invest 3,717 in Glacier Bancorp on September 4, 2024 and sell it today you would earn a total of 2,012 from holding Glacier Bancorp or generate 54.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mayfair Gold Corp vs. Glacier Bancorp
Performance |
| Timeline |
| Mayfair Gold Corp |
| Glacier Bancorp |
Mayfair Gold and Glacier Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mayfair Gold and Glacier Bancorp
The main advantage of trading using opposite Mayfair Gold and Glacier Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mayfair Gold position performs unexpectedly, Glacier Bancorp 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 Glacier Bancorp will offset losses from the drop in Glacier Bancorp's long position.| Mayfair Gold vs. Harmony Gold Mining | Mayfair Gold vs. SPACE | Mayfair Gold vs. T Rowe Price | Mayfair Gold vs. Ampleforth |
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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