Correlation Between Golden Minerals and Hecla Mining
Can any of the company-specific risk be diversified away by investing in both Golden Minerals and Hecla 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 Golden Minerals and Hecla Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Minerals and Hecla Mining, you can compare the effects of market volatilities on Golden Minerals and Hecla 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 Golden Minerals with a short position of Hecla Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Minerals and Hecla Mining.
Diversification Opportunities for Golden Minerals and Hecla Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Golden and Hecla is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Golden Minerals and Hecla Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hecla Mining and Golden Minerals 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 Golden Minerals are associated (or correlated) with Hecla Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hecla Mining has no effect on the direction of Golden Minerals i.e., Golden Minerals and Hecla Mining go up and down completely randomly.
Pair Corralation between Golden Minerals and Hecla Mining
If you would invest 403.00 in Hecla Mining on December 2, 2024 and sell it today you would earn a total of 110.00 from holding Hecla Mining or generate 27.3% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Golden Minerals vs. Hecla Mining
Performance |
Timeline |
Golden Minerals |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Hecla Mining |
Golden Minerals and Hecla Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Golden Minerals and Hecla Mining
The main advantage of trading using opposite Golden Minerals and Hecla Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Minerals position performs unexpectedly, Hecla 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 Hecla Mining will offset losses from the drop in Hecla Mining's long position.Golden Minerals vs. Summa Silver Corp | Golden Minerals vs. GoGold Resources | Golden Minerals vs. Scottie Resources Corp | Golden Minerals vs. Brixton Metals |
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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