Correlation Analysis Between Eldorado Gold and NYSE

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

 Predicted Return Density 
      Returns 

Eldorado Gold Corp.  vs.  NYSE

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Eldorado Gold Corporation is expected to under-perform the NYSE. In addition to that, Eldorado Gold is 3.74 times more volatile than NYSE. It trades about -0.05 of its total potential returns per unit of risk. NYSE is currently generating about 0.07 per unit of volatility. If you would invest  1,299,396  in NYSE on November 9, 2019 and sell it today you would earn a total of  52,789  from holding NYSE or generate 4.06% return on investment over 30 days.

Pair Corralation between Eldorado Gold and NYSE

-0.1
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Eldorado Gold and NYSE

Eldorado Gold Corp. diversification synergy

Good diversification

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