Correlation Between Thunder Gold and CITIC Resources
Can any of the company-specific risk be diversified away by investing in both Thunder Gold and CITIC Resources 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 Thunder Gold and CITIC Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thunder Gold Corp and CITIC Resources Holdings, you can compare the effects of market volatilities on Thunder Gold and CITIC Resources 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 Thunder Gold with a short position of CITIC Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thunder Gold and CITIC Resources.
Diversification Opportunities for Thunder Gold and CITIC Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Thunder and CITIC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Thunder Gold Corp and CITIC Resources Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Resources Holdings and Thunder 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 Thunder Gold Corp are associated (or correlated) with CITIC Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Resources Holdings has no effect on the direction of Thunder Gold i.e., Thunder Gold and CITIC Resources go up and down completely randomly.
Pair Corralation between Thunder Gold and CITIC Resources
If you would invest 2.40 in Thunder Gold Corp on September 13, 2024 and sell it today you would earn a total of 1.04 from holding Thunder Gold Corp or generate 43.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Thunder Gold Corp vs. CITIC Resources Holdings
Performance |
| Timeline |
| Thunder Gold Corp |
| CITIC Resources Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Thunder Gold and CITIC Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thunder Gold and CITIC Resources
The main advantage of trading using opposite Thunder Gold and CITIC Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thunder Gold position performs unexpectedly, CITIC Resources 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 CITIC Resources will offset losses from the drop in CITIC Resources' long position.| Thunder Gold vs. Sea | Thunder Gold vs. Glacier Bancorp | Thunder Gold vs. SunLink Health Systems | Thunder Gold vs. Barings BDC |
| CITIC Resources vs. Sherritt International | CITIC Resources vs. Metals X Limited | CITIC Resources vs. Interra Copper Corp | CITIC Resources vs. Anglo American PLC |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |