Correlation Between Progressive Planet and Excelsior Mining

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Can any of the company-specific risk be diversified away by investing in both Progressive Planet and Excelsior 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 Progressive Planet and Excelsior Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Progressive Planet Solutions and Excelsior Mining Corp, you can compare the effects of market volatilities on Progressive Planet and Excelsior 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 Progressive Planet with a short position of Excelsior Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Progressive Planet and Excelsior Mining.

Diversification Opportunities for Progressive Planet and Excelsior Mining

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  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Progressive and Excelsior is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Progressive Planet Solutions and Excelsior Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Excelsior Mining Corp and Progressive Planet 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 Progressive Planet Solutions are associated (or correlated) with Excelsior Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Excelsior Mining Corp has no effect on the direction of Progressive Planet i.e., Progressive Planet and Excelsior Mining go up and down completely randomly.

Pair Corralation between Progressive Planet and Excelsior Mining

If you would invest (100.00) in Excelsior Mining Corp on March 6, 2024 and sell it today you would earn a total of  100.00  from holding Excelsior Mining Corp or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Progressive Planet Solutions  vs.  Excelsior Mining Corp

 Performance 
       Timeline  
Progressive Planet 

Risk-Adjusted Performance

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Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Progressive Planet Solutions are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Despite nearly weak basic indicators, Progressive Planet reported solid returns over the last few months and may actually be approaching a breakup point.
Excelsior Mining Corp 

Risk-Adjusted Performance

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Over the last 90 days Excelsior Mining Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Excelsior Mining is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Progressive Planet and Excelsior Mining Volatility Contrast

   Predicted Return Density   
       Returns  
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