Correlation Between Triple Flag and GCM Mining
Can any of the company-specific risk be diversified away by investing in both Triple Flag and GCM 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 Triple Flag and GCM Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Triple Flag Precious and GCM Mining Corp, you can compare the effects of market volatilities on Triple Flag and GCM 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 Triple Flag with a short position of GCM Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Triple Flag and GCM Mining.
Diversification Opportunities for Triple Flag and GCM Mining
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Triple and GCM is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Triple Flag Precious and GCM Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GCM Mining Corp and Triple Flag 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 Triple Flag Precious are associated (or correlated) with GCM Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GCM Mining Corp has no effect on the direction of Triple Flag i.e., Triple Flag and GCM Mining go up and down completely randomly.
Pair Corralation between Triple Flag and GCM Mining
If you would invest 1,331 in Triple Flag Precious on September 12, 2024 and sell it today you would earn a total of 369.00 from holding Triple Flag Precious or generate 27.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.3% |
| Values | Daily Returns |
Triple Flag Precious vs. GCM Mining Corp
Performance |
| Timeline |
| Triple Flag Precious |
| GCM Mining Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Triple Flag and GCM Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Triple Flag and GCM Mining
The main advantage of trading using opposite Triple Flag and GCM Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Triple Flag position performs unexpectedly, GCM 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 GCM Mining will offset losses from the drop in GCM Mining's long position.| Triple Flag vs. Metalla Royalty Streaming | Triple Flag vs. Endeavour Silver Corp | Triple Flag vs. SilverCrest Metals | Triple Flag vs. Gatos Silver |
| GCM Mining vs. Silver Tiger Metals | GCM Mining vs. Defiance Silver Corp | GCM Mining vs. Summa Silver Corp | GCM Mining vs. AbraSilver Resource 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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