Correlation Between Anglo American and GALENA MINING
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By analyzing existing cross correlation between Anglo American plc and GALENA MINING LTD, you can compare the effects of market volatilities on Anglo American and GALENA MINING 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 Anglo American with a short position of GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anglo American and GALENA MINING.
Diversification Opportunities for Anglo American and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Anglo and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Anglo American plc and GALENA MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GALENA MINING LTD and Anglo American 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 Anglo American plc are associated (or correlated) with GALENA MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GALENA MINING LTD has no effect on the direction of Anglo American i.e., Anglo American and GALENA MINING go up and down completely randomly.
Pair Corralation between Anglo American and GALENA MINING
If you would invest 2,858 in Anglo American plc on September 1, 2024 and sell it today you would earn a total of 169.00 from holding Anglo American plc or generate 5.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
Anglo American plc vs. GALENA MINING LTD
Performance |
| Timeline |
| Anglo American plc |
| GALENA MINING LTD |
Anglo American and GALENA MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anglo American and GALENA MINING
The main advantage of trading using opposite Anglo American and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anglo American position performs unexpectedly, GALENA MINING 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 GALENA MINING will offset losses from the drop in GALENA MINING's long position.| Anglo American vs. ScanSource | Anglo American vs. SHIP HEALTHCARE HLDGINC | Anglo American vs. National Health Investors | Anglo American vs. Bausch Health Companies |
| GALENA MINING vs. Rio Tinto Group | GALENA MINING vs. Liontown Resources Limited | GALENA MINING vs. American Lithium 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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