Correlation Between TKB Critical and Golden Star
Can any of the company-specific risk be diversified away by investing in both TKB Critical and Golden Star 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 TKB Critical and Golden Star into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TKB Critical Technologies and Golden Star Acquisition, you can compare the effects of market volatilities on TKB Critical and Golden Star 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 TKB Critical with a short position of Golden Star. Check out your portfolio center. Please also check ongoing floating volatility patterns of TKB Critical and Golden Star.
Diversification Opportunities for TKB Critical and Golden Star
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TKB and Golden is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TKB Critical Technologies and Golden Star Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golden Star Acquisition and TKB Critical 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 TKB Critical Technologies are associated (or correlated) with Golden Star. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golden Star Acquisition has no effect on the direction of TKB Critical i.e., TKB Critical and Golden Star go up and down completely randomly.
Pair Corralation between TKB Critical and Golden Star
If you would invest 1,247 in Golden Star Acquisition on October 26, 2024 and sell it today you would lose (75.00) from holding Golden Star Acquisition or give up 6.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.69% |
| Values | Daily Returns |
TKB Critical Technologies vs. Golden Star Acquisition
Performance |
| Timeline |
| TKB Critical Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Golden Star Acquisition |
TKB Critical and Golden Star Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TKB Critical and Golden Star
The main advantage of trading using opposite TKB Critical and Golden Star positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TKB Critical position performs unexpectedly, Golden Star 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 Golden Star will offset losses from the drop in Golden Star's long position.| TKB Critical vs. NioCorp Developments Ltd | TKB Critical vs. Universal Music Group | TKB Critical vs. Kaiser Aluminum | TKB Critical vs. Tencent Music Entertainment |
| Golden Star vs. Where Food Comes | Golden Star vs. Marine Products | Golden Star vs. Brunswick | Golden Star vs. Q2 Holdings |
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 Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |