Correlation Between Veolia Environnement and Endeavour Mining
Can any of the company-specific risk be diversified away by investing in both Veolia Environnement and Endeavour 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 Veolia Environnement and Endeavour Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Veolia Environnement VE and Endeavour Mining Corp, you can compare the effects of market volatilities on Veolia Environnement and Endeavour 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 Veolia Environnement with a short position of Endeavour Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Veolia Environnement and Endeavour Mining.
Diversification Opportunities for Veolia Environnement and Endeavour Mining
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Veolia and Endeavour is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Veolia Environnement VE and Endeavour Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Endeavour Mining Corp and Veolia Environnement 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 Veolia Environnement VE are associated (or correlated) with Endeavour Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Endeavour Mining Corp has no effect on the direction of Veolia Environnement i.e., Veolia Environnement and Endeavour Mining go up and down completely randomly.
Pair Corralation between Veolia Environnement and Endeavour Mining
Assuming the 90 days trading horizon Veolia Environnement VE is expected to under-perform the Endeavour Mining. But the stock apears to be less risky and, when comparing its historical volatility, Veolia Environnement VE is 2.47 times less risky than Endeavour Mining. The stock trades about -0.01 of its potential returns per unit of risk. The Endeavour Mining Corp is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 224,198 in Endeavour Mining Corp on September 6, 2025 and sell it today you would earn a total of 121,802 from holding Endeavour Mining Corp or generate 54.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Veolia Environnement VE vs. Endeavour Mining Corp
Performance |
| Timeline |
| Veolia Environnement |
| Endeavour Mining Corp |
Veolia Environnement and Endeavour Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Veolia Environnement and Endeavour Mining
The main advantage of trading using opposite Veolia Environnement and Endeavour Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Veolia Environnement position performs unexpectedly, Endeavour Mining 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 Endeavour Mining will offset losses from the drop in Endeavour Mining's long position.| Veolia Environnement vs. Verizon Communications | Veolia Environnement vs. Ebro Foods | Veolia Environnement vs. Amedeo Air Four | Veolia Environnement vs. Zegona Communications Plc |
| Endeavour Mining vs. Micron Technology | Endeavour Mining vs. Logitech International SA | Endeavour Mining vs. Auto Trader Group | Endeavour Mining vs. Allianz Technology Trust |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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