Correlation Between Can-Cal Resources and Hecla Mining
Can any of the company-specific risk be diversified away by investing in both Can-Cal Resources and Hecla Mining 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 Can-Cal Resources and Hecla Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Can Cal Resources and Hecla Mining, you can compare the effects of market volatilities on Can-Cal Resources and Hecla Mining 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 Can-Cal Resources with a short position of Hecla Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Can-Cal Resources and Hecla Mining.
Diversification Opportunities for Can-Cal Resources and Hecla Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Can-Cal and Hecla is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Can Cal Resources and Hecla Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hecla Mining and Can-Cal Resources 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 Can Cal Resources are associated (or correlated) with Hecla Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hecla Mining has no effect on the direction of Can-Cal Resources i.e., Can-Cal Resources and Hecla Mining go up and down completely randomly.
Pair Corralation between Can-Cal Resources and Hecla Mining
If you would invest 423.00 in Hecla Mining on January 26, 2024 and sell it today you would earn a total of 101.00 from holding Hecla Mining or generate 23.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Can Cal Resources vs. Hecla Mining
Performance |
| Timeline |
| Can Cal Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Hecla Mining |
Can-Cal Resources and Hecla Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Can-Cal Resources and Hecla Mining
The main advantage of trading using opposite Can-Cal Resources and Hecla Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Can-Cal Resources position performs unexpectedly, Hecla Mining 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 Hecla Mining will offset losses from the drop in Hecla Mining's long position.| Can-Cal Resources vs. BlueScope Steel Limited | Can-Cal Resources vs. Insteel Industries | Can-Cal Resources vs. Alderon Iron Ore | Can-Cal Resources vs. Lifevantage |
| Hecla Mining vs. SilverCrest Metals | Hecla Mining vs. McEwen Mining | Hecla Mining vs. Avino Silver Gold | Hecla Mining vs. Metalla Royalty Streaming |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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