Correlation Between IAMGOLD and Burlington Stores
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By analyzing existing cross correlation between IAMGOLD P 575 and Burlington Stores, you can compare the effects of market volatilities on IAMGOLD and Burlington Stores 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 IAMGOLD with a short position of Burlington Stores. Check out your portfolio center. Please also check ongoing floating volatility patterns of IAMGOLD and Burlington Stores.
Diversification Opportunities for IAMGOLD and Burlington Stores
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IAMGOLD and Burlington is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding IAMGOLD P 575 and Burlington Stores in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Burlington Stores and IAMGOLD 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 IAMGOLD P 575 are associated (or correlated) with Burlington Stores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Burlington Stores has no effect on the direction of IAMGOLD i.e., IAMGOLD and Burlington Stores go up and down completely randomly.
Pair Corralation between IAMGOLD and Burlington Stores
Assuming the 90 days trading horizon IAMGOLD P 575 is expected to generate 6.04 times more return on investment than Burlington Stores. However, IAMGOLD is 6.04 times more volatile than Burlington Stores. It trades about 0.04 of its potential returns per unit of risk. Burlington Stores is currently generating about 0.08 per unit of risk. If you would invest 9,393 in IAMGOLD P 575 on September 25, 2024 and sell it today you would earn a total of 52.00 from holding IAMGOLD P 575 or generate 0.55% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 85.6% |
Values | Daily Returns |
IAMGOLD P 575 vs. Burlington Stores
Performance |
Timeline |
IAMGOLD P 575 |
Burlington Stores |
IAMGOLD and Burlington Stores Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IAMGOLD and Burlington Stores
The main advantage of trading using opposite IAMGOLD and Burlington Stores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IAMGOLD position performs unexpectedly, Burlington Stores 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 Burlington Stores will offset losses from the drop in Burlington Stores' long position.IAMGOLD vs. AEP TEX INC | IAMGOLD vs. US BANK NATIONAL | IAMGOLD vs. Brightsphere Investment Group | IAMGOLD vs. Neurocrine Biosciences |
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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