Correlation Between Sandstorm Gold and FEDEX
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sandstorm Gold Ltd and FEDEX P 475, you can compare the effects of market volatilities on Sandstorm Gold and FEDEX 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 FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sandstorm Gold and FEDEX.
Diversification Opportunities for Sandstorm Gold and FEDEX
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sandstorm and FEDEX is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Sandstorm Gold Ltd and FEDEX P 475 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 475 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 FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 475 has no effect on the direction of Sandstorm Gold i.e., Sandstorm Gold and FEDEX go up and down completely randomly.
Pair Corralation between Sandstorm Gold and FEDEX
Given the investment horizon of 90 days Sandstorm Gold Ltd is expected to under-perform the FEDEX. In addition to that, Sandstorm Gold is 1.65 times more volatile than FEDEX P 475. It trades about -0.15 of its total potential returns per unit of risk. FEDEX P 475 is currently generating about 0.09 per unit of volatility. If you would invest 8,742 in FEDEX P 475 on September 3, 2024 and sell it today you would earn a total of 221.00 from holding FEDEX P 475 or generate 2.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Sandstorm Gold Ltd vs. FEDEX P 475
Performance |
| Timeline |
| Sandstorm Gold |
| FEDEX P 475 |
Sandstorm Gold and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sandstorm Gold and FEDEX
The main advantage of trading using opposite Sandstorm Gold and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sandstorm Gold position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Sandstorm Gold vs. Franco Nevada | Sandstorm Gold vs. Royal Gold | Sandstorm Gold vs. Alamos Gold | Sandstorm Gold vs. Seabridge Gold |
| FEDEX vs. Everus Construction Group | FEDEX vs. Parker Hannifin | FEDEX vs. BRP Inc | FEDEX vs. Topbuild 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |