Correlation Between YAMATO HOLDINGS and GALENA MINING
Can any of the company-specific risk be diversified away by investing in both YAMATO HOLDINGS and GALENA MINING 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 YAMATO HOLDINGS and GALENA MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between YAMATO HOLDINGS and GALENA MINING LTD, you can compare the effects of market volatilities on YAMATO HOLDINGS and GALENA MINING 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 YAMATO HOLDINGS with a short position of GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of YAMATO HOLDINGS and GALENA MINING.
Diversification Opportunities for YAMATO HOLDINGS and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between YAMATO and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding YAMATO HOLDINGS and GALENA MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GALENA MINING LTD and YAMATO HOLDINGS 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 YAMATO HOLDINGS are associated (or correlated) with GALENA MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GALENA MINING LTD has no effect on the direction of YAMATO HOLDINGS i.e., YAMATO HOLDINGS and GALENA MINING go up and down completely randomly.
Pair Corralation between YAMATO HOLDINGS and GALENA MINING
If you would invest 2,100 in YAMATO HOLDINGS on October 29, 2024 and sell it today you would earn a total of 0.00 from holding YAMATO HOLDINGS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YAMATO HOLDINGS vs. GALENA MINING LTD
Performance |
| Timeline |
| YAMATO HOLDINGS |
| GALENA MINING LTD |
YAMATO HOLDINGS and GALENA MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YAMATO HOLDINGS and GALENA MINING
The main advantage of trading using opposite YAMATO HOLDINGS and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YAMATO HOLDINGS position performs unexpectedly, GALENA MINING 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 GALENA MINING will offset losses from the drop in GALENA MINING's long position.| YAMATO HOLDINGS vs. Transport International Holdings | YAMATO HOLDINGS vs. Mobilezone Holding AG | YAMATO HOLDINGS vs. GOLD ROAD RES | YAMATO HOLDINGS vs. Singapore Telecommunications Limited |
| GALENA MINING vs. Rio Tinto Group | GALENA MINING vs. Anglo American plc | GALENA MINING vs. Mineral Resources Limited | GALENA MINING vs. NEXA RESOURCES SA |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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