Correlation Between Cassiar Gold and Maple Gold
Can any of the company-specific risk be diversified away by investing in both Cassiar Gold and Maple 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 Cassiar Gold and Maple Gold 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 Maple Gold Mines, you can compare the effects of market volatilities on Cassiar Gold and Maple 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 Cassiar Gold with a short position of Maple Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cassiar Gold and Maple Gold.
Diversification Opportunities for Cassiar Gold and Maple Gold
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cassiar and Maple is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Cassiar Gold Corp and Maple Gold Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maple Gold Mines 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 Maple Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maple Gold Mines has no effect on the direction of Cassiar Gold i.e., Cassiar Gold and Maple Gold go up and down completely randomly.
Pair Corralation between Cassiar Gold and Maple Gold
Assuming the 90 days horizon Cassiar Gold is expected to generate 3.22 times less return on investment than Maple Gold. In addition to that, Cassiar Gold is 1.0 times more volatile than Maple Gold Mines. It trades about 0.06 of its total potential returns per unit of risk. Maple Gold Mines is currently generating about 0.18 per unit of volatility. If you would invest 61.00 in Maple Gold Mines on July 20, 2025 and sell it today you would earn a total of 60.00 from holding Maple Gold Mines or generate 98.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cassiar Gold Corp vs. Maple Gold Mines
Performance |
| Timeline |
| Cassiar Gold Corp |
| Maple Gold Mines |
Cassiar Gold and Maple Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cassiar Gold and Maple Gold
The main advantage of trading using opposite Cassiar Gold and Maple Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cassiar Gold position performs unexpectedly, Maple 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 Maple Gold will offset losses from the drop in Maple Gold'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 |
| Maple Gold vs. Tectonic Metals | Maple Gold vs. Pasofino Gold Limited | Maple Gold vs. Theta Gold Mines | Maple Gold vs. Allegiant Gold |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Commodity Directory Find actively traded commodities issued by global exchanges |