Correlation Between GALENA MINING and SAP SE
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and SAP SE 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 GALENA MINING and SAP SE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GALENA MINING LTD and SAP SE, you can compare the effects of market volatilities on GALENA MINING and SAP SE 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 GALENA MINING with a short position of SAP SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and SAP SE.
Diversification Opportunities for GALENA MINING and SAP SE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and SAP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and SAP SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAP SE and GALENA 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 GALENA MINING LTD are associated (or correlated) with SAP SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAP SE has no effect on the direction of GALENA MINING i.e., GALENA MINING and SAP SE go up and down completely randomly.
Pair Corralation between GALENA MINING and SAP SE
If you would invest 23,600 in SAP SE on December 28, 2024 and sell it today you would earn a total of 1,400 from holding SAP SE or generate 5.93% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 93.55% |
Values | Daily Returns |
GALENA MINING LTD vs. SAP SE
Performance |
Timeline |
GALENA MINING LTD |
SAP SE |
GALENA MINING and SAP SE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GALENA MINING and SAP SE
The main advantage of trading using opposite GALENA MINING and SAP SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, SAP SE 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 SAP SE will offset losses from the drop in SAP SE's long position.GALENA MINING vs. RESMINING UNSPADR10 | GALENA MINING vs. MagnaChip Semiconductor Corp | GALENA MINING vs. Yanzhou Coal Mining | GALENA MINING vs. MCEWEN MINING INC |
SAP SE vs. TIANDE CHEMICAL | SAP SE vs. EITZEN CHEMICALS | SAP SE vs. GALENA MINING LTD | SAP SE vs. Western Copper and |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
Stocks Directory Find actively traded stocks across global markets | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
CEOs Directory Screen CEOs from public companies around the world | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |