Correlation Between Cassiar Gold and Canadian Palladium
Can any of the company-specific risk be diversified away by investing in both Cassiar Gold and Canadian Palladium 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 Cassiar Gold and Canadian Palladium into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cassiar Gold Corp and Canadian Palladium Resources, you can compare the effects of market volatilities on Cassiar Gold and Canadian Palladium 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 Cassiar Gold with a short position of Canadian Palladium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cassiar Gold and Canadian Palladium.
Diversification Opportunities for Cassiar Gold and Canadian Palladium
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cassiar and Canadian is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Cassiar Gold Corp and Canadian Palladium Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian Palladium and Cassiar 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 Cassiar Gold Corp are associated (or correlated) with Canadian Palladium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian Palladium has no effect on the direction of Cassiar Gold i.e., Cassiar Gold and Canadian Palladium go up and down completely randomly.
Pair Corralation between Cassiar Gold and Canadian Palladium
Assuming the 90 days horizon Cassiar Gold Corp is expected to generate 0.59 times more return on investment than Canadian Palladium. However, Cassiar Gold Corp is 1.7 times less risky than Canadian Palladium. It trades about 0.06 of its potential returns per unit of risk. Canadian Palladium Resources is currently generating about -0.01 per unit of risk. If you would invest 18.00 in Cassiar Gold Corp on July 20, 2025 and sell it today you would earn a total of 2.00 from holding Cassiar Gold Corp or generate 11.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cassiar Gold Corp vs. Canadian Palladium Resources
Performance |
| Timeline |
| Cassiar Gold Corp |
| Canadian Palladium |
Cassiar Gold and Canadian Palladium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cassiar Gold and Canadian Palladium
The main advantage of trading using opposite Cassiar Gold and Canadian Palladium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cassiar Gold position performs unexpectedly, Canadian Palladium 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 Canadian Palladium will offset losses from the drop in Canadian Palladium's long position.| Cassiar Gold vs. Relevant Gold Corp | Cassiar Gold vs. Headwater Gold | Cassiar Gold vs. Big Ridge Gold | Cassiar Gold vs. Grande Portage Resources |
| Canadian Palladium vs. EnGold Mines | Canadian Palladium vs. Scotch Creek Ventures | Canadian Palladium vs. Troubadour Resources | Canadian Palladium vs. Vendetta Mining 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |