Correlation Between Copperbank Resources and Corning Incorporated
Can any of the company-specific risk be diversified away by investing in both Copperbank Resources and Corning Incorporated 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 Copperbank Resources and Corning Incorporated into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Copperbank Resources Corp and Corning Incorporated, you can compare the effects of market volatilities on Copperbank Resources and Corning Incorporated 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 Copperbank Resources with a short position of Corning Incorporated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Copperbank Resources and Corning Incorporated.
Diversification Opportunities for Copperbank Resources and Corning Incorporated
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Copperbank and Corning is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Copperbank Resources Corp and Corning Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Corning Incorporated and Copperbank Resources 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 Copperbank Resources Corp are associated (or correlated) with Corning Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Corning Incorporated has no effect on the direction of Copperbank Resources i.e., Copperbank Resources and Corning Incorporated go up and down completely randomly.
Pair Corralation between Copperbank Resources and Corning Incorporated
Assuming the 90 days horizon Copperbank Resources Corp is expected to generate 1.74 times more return on investment than Corning Incorporated. However, Copperbank Resources is 1.74 times more volatile than Corning Incorporated. It trades about 0.21 of its potential returns per unit of risk. Corning Incorporated is currently generating about 0.16 per unit of risk. If you would invest 98.00 in Copperbank Resources Corp on September 9, 2025 and sell it today you would earn a total of 59.00 from holding Copperbank Resources Corp or generate 60.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.46% |
| Values | Daily Returns |
Copperbank Resources Corp vs. Corning Incorporated
Performance |
| Timeline |
| Copperbank Resources Corp |
| Corning Incorporated |
Copperbank Resources and Corning Incorporated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Copperbank Resources and Corning Incorporated
The main advantage of trading using opposite Copperbank Resources and Corning Incorporated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Copperbank Resources position performs unexpectedly, Corning Incorporated 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 Corning Incorporated will offset losses from the drop in Corning Incorporated's long position.| Copperbank Resources vs. Central Asia Metals | Copperbank Resources vs. Amerigo Resources | Copperbank Resources vs. NorthIsle Copper and | Copperbank Resources vs. St Barbara Limited |
| Corning Incorporated vs. TE Connectivity | Corning Incorporated vs. MicroStrategy Incorporated | Corning Incorporated vs. Synopsys | Corning Incorporated vs. Motorola Solutions |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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