Correlation Between Maritime Resources and Gold Bull
Can any of the company-specific risk be diversified away by investing in both Maritime Resources and Gold Bull 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 Maritime Resources and Gold Bull into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maritime Resources Corp and Gold Bull Resources, you can compare the effects of market volatilities on Maritime Resources and Gold Bull 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 Maritime Resources with a short position of Gold Bull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maritime Resources and Gold Bull.
Diversification Opportunities for Maritime Resources and Gold Bull
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Maritime and Gold is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Maritime Resources Corp and Gold Bull Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gold Bull Resources and Maritime Resources 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 Maritime Resources Corp are associated (or correlated) with Gold Bull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gold Bull Resources has no effect on the direction of Maritime Resources i.e., Maritime Resources and Gold Bull go up and down completely randomly.
Pair Corralation between Maritime Resources and Gold Bull
Assuming the 90 days horizon Maritime Resources Corp is expected to generate 2.5 times more return on investment than Gold Bull. However, Maritime Resources is 2.5 times more volatile than Gold Bull Resources. It trades about 0.08 of its potential returns per unit of risk. Gold Bull Resources is currently generating about 0.0 per unit of risk. If you would invest 3.50 in Maritime Resources Corp on September 2, 2024 and sell it today you would earn a total of 0.50 from holding Maritime Resources Corp or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maritime Resources Corp vs. Gold Bull Resources
Performance |
| Timeline |
| Maritime Resources Corp |
| Gold Bull Resources |
Maritime Resources and Gold Bull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maritime Resources and Gold Bull
The main advantage of trading using opposite Maritime Resources and Gold Bull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maritime Resources position performs unexpectedly, Gold Bull 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 Gold Bull will offset losses from the drop in Gold Bull's long position.| Maritime Resources vs. Aurion Resources | Maritime Resources vs. Rio2 Limited | Maritime Resources vs. Palamina Corp | Maritime Resources vs. Grande Portage Resources |
| Gold Bull vs. Robex Resources | Gold Bull vs. Orefinders Resources | Gold Bull vs. Leviathan Gold | Gold Bull vs. Rover Metals Corp |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |