Correlation Between Probe Metals and California Nanotechnologies
Can any of the company-specific risk be diversified away by investing in both Probe Metals and California Nanotechnologies 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 Probe Metals and California Nanotechnologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Probe Metals and California Nanotechnologies Corp, you can compare the effects of market volatilities on Probe Metals and California Nanotechnologies 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 Probe Metals with a short position of California Nanotechnologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Probe Metals and California Nanotechnologies.
Diversification Opportunities for Probe Metals and California Nanotechnologies
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Probe and California is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Probe Metals and California Nanotechnologies Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on California Nanotechnologies and Probe Metals 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 Probe Metals are associated (or correlated) with California Nanotechnologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of California Nanotechnologies has no effect on the direction of Probe Metals i.e., Probe Metals and California Nanotechnologies go up and down completely randomly.
Pair Corralation between Probe Metals and California Nanotechnologies
Assuming the 90 days horizon Probe Metals is expected to generate 1.2 times more return on investment than California Nanotechnologies. However, Probe Metals is 1.2 times more volatile than California Nanotechnologies Corp. It trades about 0.14 of its potential returns per unit of risk. California Nanotechnologies Corp is currently generating about 0.01 per unit of risk. If you would invest 186.00 in Probe Metals on October 28, 2025 and sell it today you would earn a total of 79.00 from holding Probe Metals or generate 42.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 96.77% |
| Values | Daily Returns |
Probe Metals vs. California Nanotechnologies Co
Performance |
| Timeline |
| Probe Metals |
| California Nanotechnologies |
Probe Metals and California Nanotechnologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Probe Metals and California Nanotechnologies
The main advantage of trading using opposite Probe Metals and California Nanotechnologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Probe Metals position performs unexpectedly, California Nanotechnologies 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 California Nanotechnologies will offset losses from the drop in California Nanotechnologies' long position.| Probe Metals vs. Omai Gold Mines | Probe Metals vs. Rusoro Mining | Probe Metals vs. Thor Explorations | Probe Metals vs. Rare Element Resources |
| California Nanotechnologies vs. First American Silver | California Nanotechnologies vs. Dana Resources | California Nanotechnologies vs. Flame Seal Products | California Nanotechnologies vs. Aloro Mining 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 CEOs Directory module to screen CEOs from public companies around the world.
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