Correlation Between Timberline Resources and Angus Gold
Can any of the company-specific risk be diversified away by investing in both Timberline Resources and Angus Gold 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 Timberline Resources and Angus Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Timberline Resources and Angus Gold, you can compare the effects of market volatilities on Timberline Resources and Angus Gold 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 Timberline Resources with a short position of Angus Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Timberline Resources and Angus Gold.
Diversification Opportunities for Timberline Resources and Angus Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Timberline and Angus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Timberline Resources and Angus Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angus Gold and Timberline Resources 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 Timberline Resources are associated (or correlated) with Angus Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angus Gold has no effect on the direction of Timberline Resources i.e., Timberline Resources and Angus Gold go up and down completely randomly.
Pair Corralation between Timberline Resources and Angus Gold
If you would invest (100.00) in Timberline Resources on December 1, 2024 and sell it today you would earn a total of 100.00 from holding Timberline Resources or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Timberline Resources vs. Angus Gold
Performance |
| Timeline |
| Timberline Resources |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Angus Gold |
Timberline Resources and Angus Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Timberline Resources and Angus Gold
The main advantage of trading using opposite Timberline Resources and Angus Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Timberline Resources position performs unexpectedly, Angus Gold 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 Angus Gold will offset losses from the drop in Angus Gold's long position.| Timberline Resources vs. Sokoman Minerals Corp | Timberline Resources vs. Irving Resources | Timberline Resources vs. Lion One Metals | Timberline Resources vs. Exploits Discovery Corp |
| Angus Gold vs. Minnova Corp | Angus Gold vs. Argo Gold | Angus Gold vs. Advance Gold Corp | Angus Gold vs. Blue Star Gold |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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