Correlation Between TeraGo and Condor Gold

Can any of the company-specific risk be diversified away by investing in both TeraGo and Condor Gold 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 TeraGo and Condor Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between TeraGo Inc and Condor Gold Plc, you can compare the effects of market volatilities on TeraGo and Condor Gold 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 TeraGo with a short position of Condor Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of TeraGo and Condor Gold.

Diversification Opportunities for TeraGo and Condor Gold

0.0

Correlation Coefficient

TeraGo  Condor Gold

Pay attention - limited upside

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

Pair Corralation between TeraGo and Condor Gold

If you would invest (100.00) in Condor Gold Plc on October 9, 2024 and sell it today you would earn a total of  100.00  from holding Condor Gold Plc or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

TeraGo Inc  vs.  Condor Gold Plc

TeraGo Inc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days TeraGo Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in February 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Condor Gold Plc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Condor Gold Plc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, Condor Gold is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with TeraGo and Condor Gold

The main advantage of trading using opposite TeraGo and Condor Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TeraGo position performs unexpectedly, Condor Gold 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 Condor Gold will offset losses from the drop in Condor Gold's long position.

The idea behind TeraGo Inc and Condor Gold Plc 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.