Correlation Between Excelsior Mining and Boat Rocker
Can any of the company-specific risk be diversified away by investing in both Excelsior Mining and Boat Rocker 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 Excelsior Mining and Boat Rocker into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Excelsior Mining Corp and Boat Rocker Media, you can compare the effects of market volatilities on Excelsior Mining and Boat Rocker 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 Excelsior Mining with a short position of Boat Rocker. Check out your portfolio center. Please also check ongoing floating volatility patterns of Excelsior Mining and Boat Rocker.
Diversification Opportunities for Excelsior Mining and Boat Rocker
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Excelsior and Boat is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Excelsior Mining Corp and Boat Rocker Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boat Rocker Media and Excelsior Mining 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 Excelsior Mining Corp are associated (or correlated) with Boat Rocker. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boat Rocker Media has no effect on the direction of Excelsior Mining i.e., Excelsior Mining and Boat Rocker go up and down completely randomly.
Pair Corralation between Excelsior Mining and Boat Rocker
Assuming the 90 days trading horizon Excelsior Mining Corp is expected to generate 1.46 times more return on investment than Boat Rocker. However, Excelsior Mining is 1.46 times more volatile than Boat Rocker Media. It trades about 0.03 of its potential returns per unit of risk. Boat Rocker Media is currently generating about -0.04 per unit of risk. If you would invest 17.00 in Excelsior Mining Corp on September 4, 2024 and sell it today you would earn a total of 1.00 from holding Excelsior Mining Corp or generate 5.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Excelsior Mining Corp vs. Boat Rocker Media
Performance |
| Timeline |
| Excelsior Mining Corp |
| Boat Rocker Media |
Excelsior Mining and Boat Rocker Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Excelsior Mining and Boat Rocker
The main advantage of trading using opposite Excelsior Mining and Boat Rocker positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Excelsior Mining position performs unexpectedly, Boat Rocker 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 Boat Rocker will offset losses from the drop in Boat Rocker's long position.| Excelsior Mining vs. RTG Mining | Excelsior Mining vs. Nubian Resources | Excelsior Mining vs. Fremont Gold | Excelsior Mining vs. Royal Road Minerals |
| Boat Rocker vs. Thunderbird Entertainment Group | Boat Rocker vs. VerticalScope Holdings | Boat Rocker vs. WildBrain | Boat Rocker vs. Kits Eyecare |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |