Correlation Between Sandstorm Gold and BARCLAYS
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By analyzing existing cross correlation between Sandstorm Gold Ltd and BARCLAYS PLC, you can compare the effects of market volatilities on Sandstorm Gold and BARCLAYS 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 Sandstorm Gold with a short position of BARCLAYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sandstorm Gold and BARCLAYS.
Diversification Opportunities for Sandstorm Gold and BARCLAYS
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sandstorm and BARCLAYS is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Sandstorm Gold Ltd and BARCLAYS PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BARCLAYS PLC and Sandstorm Gold 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 Sandstorm Gold Ltd are associated (or correlated) with BARCLAYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BARCLAYS PLC has no effect on the direction of Sandstorm Gold i.e., Sandstorm Gold and BARCLAYS go up and down completely randomly.
Pair Corralation between Sandstorm Gold and BARCLAYS
Given the investment horizon of 90 days Sandstorm Gold Ltd is expected to generate 3.01 times more return on investment than BARCLAYS. However, Sandstorm Gold is 3.01 times more volatile than BARCLAYS PLC. It trades about 0.04 of its potential returns per unit of risk. BARCLAYS PLC is currently generating about 0.03 per unit of risk. If you would invest 483.00 in Sandstorm Gold Ltd on September 2, 2024 and sell it today you would earn a total of 96.00 from holding Sandstorm Gold Ltd or generate 19.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 76.21% |
| Values | Daily Returns |
Sandstorm Gold Ltd vs. BARCLAYS PLC
Performance |
| Timeline |
| Sandstorm Gold |
| BARCLAYS PLC |
Sandstorm Gold and BARCLAYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sandstorm Gold and BARCLAYS
The main advantage of trading using opposite Sandstorm Gold and BARCLAYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sandstorm Gold position performs unexpectedly, BARCLAYS 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 BARCLAYS will offset losses from the drop in BARCLAYS's long position.| Sandstorm Gold vs. Fortitude Gold Corp | Sandstorm Gold vs. New Gold | Sandstorm Gold vs. Galiano Gold | Sandstorm Gold vs. GoldMining |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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