Correlation Between NORDSTROM and Eldorado Gold
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By analyzing existing cross correlation between NORDSTROM INC 695 and Eldorado Gold Corp, you can compare the effects of market volatilities on NORDSTROM 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 NORDSTROM with a short position of Eldorado Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of NORDSTROM and Eldorado Gold.
Diversification Opportunities for NORDSTROM and Eldorado Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NORDSTROM and Eldorado is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NORDSTROM INC 695 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 NORDSTROM 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 NORDSTROM INC 695 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 NORDSTROM i.e., NORDSTROM and Eldorado Gold go up and down completely randomly.
Pair Corralation between NORDSTROM and Eldorado Gold
If you would invest 0.00 in NORDSTROM INC 695 on August 29, 2024 and sell it today you would earn a total of 0.00 from holding NORDSTROM INC 695 or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
NORDSTROM INC 695 vs. Eldorado Gold Corp
Performance |
| Timeline |
| NORDSTROM INC 695 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Eldorado Gold Corp |
NORDSTROM and Eldorado Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NORDSTROM and Eldorado Gold
The main advantage of trading using opposite NORDSTROM and Eldorado Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NORDSTROM 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.| NORDSTROM vs. Western Digital | NORDSTROM vs. NetSol Technologies | NORDSTROM vs. Kaltura | NORDSTROM vs. Uber Technologies |
| Eldorado Gold vs. IAMGold | Eldorado Gold vs. Kinross Gold | Eldorado Gold vs. Agnico Eagle Mines | Eldorado Gold vs. Gold Fields Ltd |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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