Correlation Between TUI AG and GALENA MINING
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By analyzing existing cross correlation between TUI AG and GALENA MINING LTD, you can compare the effects of market volatilities on TUI AG and GALENA 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 TUI AG with a short position of GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of TUI AG and GALENA MINING.
Diversification Opportunities for TUI AG and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TUI and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TUI AG and GALENA MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GALENA MINING LTD and TUI AG 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 TUI AG are associated (or correlated) with GALENA MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GALENA MINING LTD has no effect on the direction of TUI AG i.e., TUI AG and GALENA MINING go up and down completely randomly.
Pair Corralation between TUI AG and GALENA MINING
If you would invest 790.00 in TUI AG on September 12, 2024 and sell it today you would earn a total of 56.00 from holding TUI AG or generate 7.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
TUI AG vs. GALENA MINING LTD
Performance |
| Timeline |
| TUI AG |
| GALENA MINING LTD |
TUI AG and GALENA MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TUI AG and GALENA MINING
The main advantage of trading using opposite TUI AG and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TUI AG position performs unexpectedly, GALENA 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 GALENA MINING will offset losses from the drop in GALENA MINING's long position.| TUI AG vs. INTER CARS SA | TUI AG vs. Cars Inc | TUI AG vs. Dairy Farm International | TUI AG vs. Sterling Construction |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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