Correlation Between Calfrac Well and GoGold Resources
Can any of the company-specific risk be diversified away by investing in both Calfrac Well and GoGold Resources 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 Calfrac Well and GoGold Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calfrac Well Services and GoGold Resources, you can compare the effects of market volatilities on Calfrac Well and GoGold Resources 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 Calfrac Well with a short position of GoGold Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calfrac Well and GoGold Resources.
Diversification Opportunities for Calfrac Well and GoGold Resources
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calfrac and GoGold is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Calfrac Well Services and GoGold Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoGold Resources and Calfrac Well 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 Calfrac Well Services are associated (or correlated) with GoGold Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoGold Resources has no effect on the direction of Calfrac Well i.e., Calfrac Well and GoGold Resources go up and down completely randomly.
Pair Corralation between Calfrac Well and GoGold Resources
Assuming the 90 days trading horizon Calfrac Well Services is expected to under-perform the GoGold Resources. But the stock apears to be less risky and, when comparing its historical volatility, Calfrac Well Services is 2.7 times less risky than GoGold Resources. The stock trades about -0.09 of its potential returns per unit of risk. The GoGold Resources is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 231.00 in GoGold Resources on August 22, 2025 and sell it today you would earn a total of 16.00 from holding GoGold Resources or generate 6.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calfrac Well Services vs. GoGold Resources
Performance |
| Timeline |
| Calfrac Well Services |
| GoGold Resources |
Calfrac Well and GoGold Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calfrac Well and GoGold Resources
The main advantage of trading using opposite Calfrac Well and GoGold Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calfrac Well position performs unexpectedly, GoGold Resources 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 GoGold Resources will offset losses from the drop in GoGold Resources' long position.| Calfrac Well vs. Journey Energy | Calfrac Well vs. Ngx Energy International | Calfrac Well vs. Pine Cliff Energy | Calfrac Well vs. Petrus Resources |
| GoGold Resources vs. Avino Silver Gold | GoGold Resources vs. Metalla Royalty Streaming | GoGold Resources vs. Integra Resources Corp | GoGold Resources vs. AbraSilver Resource 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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