Correlation Between NorthIsle Copper and TD Holdings

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Can any of the company-specific risk be diversified away by investing in both NorthIsle Copper and TD Holdings 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 NorthIsle Copper and TD Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NorthIsle Copper and and TD Holdings, you can compare the effects of market volatilities on NorthIsle Copper and TD Holdings 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 NorthIsle Copper with a short position of TD Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of NorthIsle Copper and TD Holdings.

Diversification Opportunities for NorthIsle Copper and TD Holdings

NorthIsleGLGDiversified AwayNorthIsleGLGDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between NorthIsle and GLG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NorthIsle Copper and and TD Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TD Holdings and NorthIsle Copper 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 NorthIsle Copper and are associated (or correlated) with TD Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TD Holdings has no effect on the direction of NorthIsle Copper i.e., NorthIsle Copper and TD Holdings go up and down completely randomly.

Pair Corralation between NorthIsle Copper and TD Holdings

If you would invest  31.00  in NorthIsle Copper and on November 24, 2024 and sell it today you would earn a total of  11.00  from holding NorthIsle Copper and or generate 35.48% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

NorthIsle Copper and  vs.  TD Holdings

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -100102030
JavaScript chart by amCharts 3.21.15NTCPF GLG
       Timeline  
NorthIsle Copper 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in NorthIsle Copper and are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, NorthIsle Copper reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.30.350.40.45
TD Holdings 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days TD Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable essential indicators, TD Holdings is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

NorthIsle Copper and TD Holdings Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-12.89-9.65-6.42-3.180.03.46.8510.3113.76 0.0050.0100.0150.020
JavaScript chart by amCharts 3.21.15NTCPF GLG
       Returns  

Pair Trading with NorthIsle Copper and TD Holdings

The main advantage of trading using opposite NorthIsle Copper and TD Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NorthIsle Copper position performs unexpectedly, TD Holdings 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 TD Holdings will offset losses from the drop in TD Holdings' long position.
The idea behind NorthIsle Copper and and TD Holdings pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.

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