Correlation Between PACIFIC and Barrick Gold
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By analyzing existing cross correlation between PACIFIC GAS AND and Barrick Gold Corp, you can compare the effects of market volatilities on PACIFIC and Barrick 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 PACIFIC with a short position of Barrick Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of PACIFIC and Barrick Gold.
Diversification Opportunities for PACIFIC and Barrick Gold
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between PACIFIC and Barrick is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding PACIFIC GAS AND and Barrick Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barrick Gold Corp and PACIFIC 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 PACIFIC GAS AND are associated (or correlated) with Barrick Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barrick Gold Corp has no effect on the direction of PACIFIC i.e., PACIFIC and Barrick Gold go up and down completely randomly.
Pair Corralation between PACIFIC and Barrick Gold
Assuming the 90 days trading horizon PACIFIC GAS AND is expected to generate 0.83 times more return on investment than Barrick Gold. However, PACIFIC GAS AND is 1.2 times less risky than Barrick Gold. It trades about 0.04 of its potential returns per unit of risk. Barrick Gold Corp is currently generating about 0.0 per unit of risk. If you would invest 8,399 in PACIFIC GAS AND on September 4, 2024 and sell it today you would earn a total of 2,504 from holding PACIFIC GAS AND or generate 29.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.95% |
| Values | Daily Returns |
PACIFIC GAS AND vs. Barrick Gold Corp
Performance |
| Timeline |
| PACIFIC GAS AND |
| Barrick Gold Corp |
PACIFIC and Barrick Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PACIFIC and Barrick Gold
The main advantage of trading using opposite PACIFIC and Barrick Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PACIFIC position performs unexpectedly, Barrick 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 Barrick Gold will offset losses from the drop in Barrick Gold's long position.| PACIFIC vs. CECO Environmental Corp | PACIFIC vs. Xponential Fitness | PACIFIC vs. Teleflex Incorporated | PACIFIC vs. Chester Mining |
| Barrick Gold vs. Agnico Eagle Mines | Barrick Gold vs. Pan American Silver | Barrick Gold vs. Wheaton Precious Metals | Barrick Gold vs. Kinross 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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