Correlation Between Calibre Mining and VIRGIN WINES
Can any of the company-specific risk be diversified away by investing in both Calibre Mining and VIRGIN WINES 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 Calibre Mining and VIRGIN WINES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calibre Mining Corp and VIRGIN WINES UK, you can compare the effects of market volatilities on Calibre Mining and VIRGIN WINES 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 Calibre Mining with a short position of VIRGIN WINES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calibre Mining and VIRGIN WINES.
Diversification Opportunities for Calibre Mining and VIRGIN WINES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calibre and VIRGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calibre Mining Corp and VIRGIN WINES UK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VIRGIN WINES UK and Calibre Mining 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 Calibre Mining Corp are associated (or correlated) with VIRGIN WINES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VIRGIN WINES UK has no effect on the direction of Calibre Mining i.e., Calibre Mining and VIRGIN WINES go up and down completely randomly.
Pair Corralation between Calibre Mining and VIRGIN WINES
If you would invest 146.00 in Calibre Mining Corp on October 16, 2024 and sell it today you would earn a total of 9.00 from holding Calibre Mining Corp or generate 6.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
Calibre Mining Corp vs. VIRGIN WINES UK
Performance |
| Timeline |
| Calibre Mining Corp |
| VIRGIN WINES UK |
Calibre Mining and VIRGIN WINES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calibre Mining and VIRGIN WINES
The main advantage of trading using opposite Calibre Mining and VIRGIN WINES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calibre Mining position performs unexpectedly, VIRGIN WINES 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 VIRGIN WINES will offset losses from the drop in VIRGIN WINES's long position.| Calibre Mining vs. SOLSTAD OFFSHORE NK | Calibre Mining vs. Materialise NV | Calibre Mining vs. Performance Food Group | Calibre Mining vs. Solstad Offshore ASA |
| VIRGIN WINES vs. SWISS WATER DECAFFCOFFEE | VIRGIN WINES vs. Grand Canyon Education | VIRGIN WINES vs. Xinhua Winshare Publishing | VIRGIN WINES vs. Calibre Mining Corp |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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