Correlation Between Delta Electronics and GALENA MINING
Can any of the company-specific risk be diversified away by investing in both Delta Electronics and GALENA MINING 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 Delta Electronics and GALENA MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Delta Electronics Public and GALENA MINING LTD, you can compare the effects of market volatilities on Delta Electronics 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 Delta Electronics with a short position of GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delta Electronics and GALENA MINING.
Diversification Opportunities for Delta Electronics and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Delta and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Delta Electronics Public 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 Delta Electronics 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 Delta Electronics Public 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 Delta Electronics i.e., Delta Electronics and GALENA MINING go up and down completely randomly.
Pair Corralation between Delta Electronics and GALENA MINING
Assuming the 90 days trading horizon Delta Electronics Public is expected to generate 0.61 times more return on investment than GALENA MINING. However, Delta Electronics Public is 1.65 times less risky than GALENA MINING. It trades about 0.07 of its potential returns per unit of risk. GALENA MINING LTD is currently generating about -0.02 per unit of risk. If you would invest 141.00 in Delta Electronics Public on October 31, 2024 and sell it today you would earn a total of 229.00 from holding Delta Electronics Public or generate 162.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.81% |
| Values | Daily Returns |
Delta Electronics Public vs. GALENA MINING LTD
Performance |
| Timeline |
| Delta Electronics Public |
| GALENA MINING LTD |
Delta Electronics and GALENA MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delta Electronics and GALENA MINING
The main advantage of trading using opposite Delta Electronics and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delta Electronics 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.| Delta Electronics vs. ASPEN TECHINC DL | Delta Electronics vs. AAC TECHNOLOGHLDGADR | Delta Electronics vs. Motorcar Parts of | Delta Electronics vs. Firan Technology Group |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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