Correlation Between Elmos Semiconductor and GoldMining
Can any of the company-specific risk be diversified away by investing in both Elmos Semiconductor and GoldMining 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 Elmos Semiconductor and GoldMining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elmos Semiconductor SE and GoldMining, you can compare the effects of market volatilities on Elmos Semiconductor and GoldMining 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 Elmos Semiconductor with a short position of GoldMining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elmos Semiconductor and GoldMining.
Diversification Opportunities for Elmos Semiconductor and GoldMining
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Elmos and GoldMining is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Elmos Semiconductor SE and GoldMining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoldMining and Elmos Semiconductor 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 Elmos Semiconductor SE are associated (or correlated) with GoldMining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoldMining has no effect on the direction of Elmos Semiconductor i.e., Elmos Semiconductor and GoldMining go up and down completely randomly.
Pair Corralation between Elmos Semiconductor and GoldMining
Assuming the 90 days trading horizon Elmos Semiconductor is expected to generate 1.05 times less return on investment than GoldMining. But when comparing it to its historical volatility, Elmos Semiconductor SE is 2.25 times less risky than GoldMining. It trades about 0.18 of its potential returns per unit of risk. GoldMining is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 172.00 in GoldMining on September 7, 2025 and sell it today you would earn a total of 32.00 from holding GoldMining or generate 18.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 86.15% |
| Values | Daily Returns |
Elmos Semiconductor SE vs. GoldMining
Performance |
| Timeline |
| Elmos Semiconductor |
| GoldMining |
Elmos Semiconductor and GoldMining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elmos Semiconductor and GoldMining
The main advantage of trading using opposite Elmos Semiconductor and GoldMining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elmos Semiconductor position performs unexpectedly, GoldMining 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 GoldMining will offset losses from the drop in GoldMining's long position.| Elmos Semiconductor vs. Pulsar Helium | Elmos Semiconductor vs. Tungsten West PLC | Elmos Semiconductor vs. Hardide PLC | Elmos Semiconductor vs. Versarien PLC |
| GoldMining vs. Pulsar Helium | GoldMining vs. Tungsten West PLC | GoldMining vs. Hardide PLC | GoldMining vs. Versarien PLC |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |