Correlation Between Lion One and UNION
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By analyzing existing cross correlation between Lion One Metals and UNION PAC P, you can compare the effects of market volatilities on Lion One and UNION 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 Lion One with a short position of UNION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lion One and UNION.
Diversification Opportunities for Lion One and UNION
Significant diversification
The 3 months correlation between Lion and UNION is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Lion One Metals and UNION PAC P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNION PAC P and Lion One 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 Lion One Metals are associated (or correlated) with UNION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNION PAC P has no effect on the direction of Lion One i.e., Lion One and UNION go up and down completely randomly.
Pair Corralation between Lion One and UNION
Assuming the 90 days horizon Lion One Metals is expected to generate 3.4 times more return on investment than UNION. However, Lion One is 3.4 times more volatile than UNION PAC P. It trades about 0.06 of its potential returns per unit of risk. UNION PAC P is currently generating about -0.02 per unit of risk. If you would invest 35.00 in Lion One Metals on March 13, 2024 and sell it today you would earn a total of 4.00 from holding Lion One Metals or generate 11.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 87.3% |
Values | Daily Returns |
Lion One Metals vs. UNION PAC P
Performance |
Timeline |
Lion One Metals |
UNION PAC P |
Lion One and UNION Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Lion One and UNION
The main advantage of trading using opposite Lion One and UNION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lion One position performs unexpectedly, UNION 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 UNION will offset losses from the drop in UNION's long position.Lion One vs. Argo Gold | Lion One vs. Blue Star Gold | Lion One vs. Minnova Corp | Lion One vs. Angkor Resources Corp |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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