Correlation Between Artemis Gold and New Gold
Can any of the company-specific risk be diversified away by investing in both Artemis Gold and New Gold 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 Artemis Gold and New Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Artemis Gold and New Gold, you can compare the effects of market volatilities on Artemis Gold and New Gold 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 Artemis Gold with a short position of New Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artemis Gold and New Gold.
Diversification Opportunities for Artemis Gold and New Gold
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Artemis and New is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Artemis Gold and New Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New Gold and Artemis 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 Artemis Gold are associated (or correlated) with New Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New Gold has no effect on the direction of Artemis Gold i.e., Artemis Gold and New Gold go up and down completely randomly.
Pair Corralation between Artemis Gold and New Gold
Assuming the 90 days trading horizon Artemis Gold is expected to generate 1.42 times less return on investment than New Gold. But when comparing it to its historical volatility, Artemis Gold is 1.16 times less risky than New Gold. It trades about 0.16 of its potential returns per unit of risk. New Gold is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 693.00 in New Gold on August 13, 2025 and sell it today you would earn a total of 306.00 from holding New Gold or generate 44.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Artemis Gold vs. New Gold
Performance |
| Timeline |
| Artemis Gold |
| New Gold |
Artemis Gold and New Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artemis Gold and New Gold
The main advantage of trading using opposite Artemis Gold and New Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artemis Gold position performs unexpectedly, New Gold 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 New Gold will offset losses from the drop in New Gold's long position.| Artemis Gold vs. Osisko Gold Ro | Artemis Gold vs. New Gold | Artemis Gold vs. B2Gold Corp | Artemis Gold vs. Eldorado Gold Corp |
| New Gold vs. B2Gold Corp | New Gold vs. OceanaGold | New Gold vs. Artemis Gold | New Gold vs. Eldorado Gold Corp |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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