Correlation Analysis Between Eldorado Gold and Israel Index

This module allows you to analyze existing cross correlation between Eldorado Gold Corporation and Israel Index. You can compare the effects of market volatilities on Eldorado Gold and Israel Index 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 Eldorado Gold with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and Israel Index.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Eldorado Gold Corp.  vs.  Israel Index

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Eldorado Gold Corporation is expected to under-perform the Israel Index. In addition to that, Eldorado Gold is 3.6 times more volatile than Israel Index. It trades about -0.06 of its total potential returns per unit of risk. Israel Index is currently generating about 0.1 per unit of volatility. If you would invest  100,580  in Israel Index on November 10, 2019 and sell it today you would earn a total of  7,956  from holding Israel Index or generate 7.91% return on investment over 30 days.

Pair Corralation between Eldorado Gold and Israel Index

0.19
Time Period3 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy73.56%
ValuesDaily Returns

Diversification Opportunities for Eldorado Gold and Israel Index

Eldorado Gold Corp. diversification synergy

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp. and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and Eldorado 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 Eldorado Gold Corporation are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of Eldorado Gold i.e. Eldorado Gold and Israel Index go up and down completely randomly.
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See also your portfolio center. Please also try Theme Ratings module to determine theme ratings based on digital equity recommendations. macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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