Correlation Analysis Between Royal Gold and XU100

This module allows you to analyze existing cross correlation between Royal Gold and XU100. You can compare the effects of market volatilities on Royal Gold and XU100 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 Royal Gold with a short position of XU100. See also your portfolio center. Please also check ongoing floating volatility patterns of Royal Gold and XU100.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Royal Gold Inc  vs.  XU100

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Royal Gold is expected to generate 1.15 times more return on investment than XU100. However, Royal Gold is 1.15 times more volatile than XU100. It trades about 0.33 of its potential returns per unit of risk. XU100 is currently generating about 0.03 per unit of risk. If you would invest  10,239  in Royal Gold on July 26, 2019 and sell it today you would earn a total of  2,696  from holding Royal Gold or generate 26.33% return on investment over 30 days.

Pair Corralation between Royal Gold and XU100

0.15
Time Period2 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy93.18%
ValuesDaily Returns

Diversification Opportunities for Royal Gold and XU100

Royal Gold Inc diversification synergy

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Royal Gold Inc and XU100 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on XU100 and Royal 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 Royal Gold are associated (or correlated) with XU100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XU100 has no effect on the direction of Royal Gold i.e. Royal Gold and XU100 go up and down completely randomly.
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See also your portfolio center. Please also try Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.


 
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