Correlation Between CORNING and Eldorado Gold
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By analyzing existing cross correlation between CORNING INC 585 and Eldorado Gold Corp, you can compare the effects of market volatilities on CORNING and Eldorado 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 CORNING with a short position of Eldorado Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of CORNING and Eldorado Gold.
Diversification Opportunities for CORNING and Eldorado Gold
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CORNING and Eldorado is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding CORNING INC 585 and Eldorado Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eldorado Gold Corp and CORNING 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 CORNING INC 585 are associated (or correlated) with Eldorado Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eldorado Gold Corp has no effect on the direction of CORNING i.e., CORNING and Eldorado Gold go up and down completely randomly.
Pair Corralation between CORNING and Eldorado Gold
Assuming the 90 days trading horizon CORNING INC 585 is expected to generate 0.75 times more return on investment than Eldorado Gold. However, CORNING INC 585 is 1.34 times less risky than Eldorado Gold. It trades about 0.02 of its potential returns per unit of risk. Eldorado Gold Corp is currently generating about -0.06 per unit of risk. If you would invest 10,047 in CORNING INC 585 on September 4, 2024 and sell it today you would earn a total of 43.00 from holding CORNING INC 585 or generate 0.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
CORNING INC 585 vs. Eldorado Gold Corp
Performance |
| Timeline |
| CORNING INC 585 |
| Eldorado Gold Corp |
CORNING and Eldorado Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CORNING and Eldorado Gold
The main advantage of trading using opposite CORNING and Eldorado Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CORNING position performs unexpectedly, Eldorado 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 Eldorado Gold will offset losses from the drop in Eldorado Gold's long position.| CORNING vs. Accel Entertainment | CORNING vs. NetSol Technologies | CORNING vs. Data3 Limited | CORNING vs. Infosys Ltd ADR |
| Eldorado Gold vs. Constellium Nv | Eldorado Gold vs. Century Aluminum | Eldorado Gold vs. China Hongqiao Group | Eldorado Gold vs. Kaiser Aluminum |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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