Correlation Between Sandstorm Gold and 83001AAC6
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By analyzing existing cross correlation between Sandstorm Gold Ltd and Six Flags Entertainment, you can compare the effects of market volatilities on Sandstorm Gold and 83001AAC6 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 Sandstorm Gold with a short position of 83001AAC6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sandstorm Gold and 83001AAC6.
Diversification Opportunities for Sandstorm Gold and 83001AAC6
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sandstorm and 83001AAC6 is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Sandstorm Gold Ltd and Six Flags Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Six Flags Entertainment and Sandstorm Gold 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 Sandstorm Gold Ltd are associated (or correlated) with 83001AAC6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Six Flags Entertainment has no effect on the direction of Sandstorm Gold i.e., Sandstorm Gold and 83001AAC6 go up and down completely randomly.
Pair Corralation between Sandstorm Gold and 83001AAC6
Given the investment horizon of 90 days Sandstorm Gold Ltd is expected to generate 10.36 times more return on investment than 83001AAC6. However, Sandstorm Gold is 10.36 times more volatile than Six Flags Entertainment. It trades about 0.02 of its potential returns per unit of risk. Six Flags Entertainment is currently generating about 0.01 per unit of risk. If you would invest 536.00 in Sandstorm Gold Ltd on September 25, 2024 and sell it today you would earn a total of 6.50 from holding Sandstorm Gold Ltd or generate 1.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 84.13% |
Values | Daily Returns |
Sandstorm Gold Ltd vs. Six Flags Entertainment
Performance |
Timeline |
Sandstorm Gold |
Six Flags Entertainment |
Sandstorm Gold and 83001AAC6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sandstorm Gold and 83001AAC6
The main advantage of trading using opposite Sandstorm Gold and 83001AAC6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sandstorm Gold position performs unexpectedly, 83001AAC6 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 83001AAC6 will offset losses from the drop in 83001AAC6's long position.Sandstorm Gold vs. Franco Nevada | Sandstorm Gold vs. Royal Gold | Sandstorm Gold vs. Alamos Gold | Sandstorm Gold vs. Seabridge Gold |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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