Correlation Between Eldorado Gold and Triple Flag
Can any of the company-specific risk be diversified away by investing in both Eldorado Gold and Triple Flag 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 Eldorado Gold and Triple Flag into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eldorado Gold Corp and Triple Flag Precious, you can compare the effects of market volatilities on Eldorado Gold and Triple Flag 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 Eldorado Gold with a short position of Triple Flag. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eldorado Gold and Triple Flag.
Diversification Opportunities for Eldorado Gold and Triple Flag
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Eldorado and Triple is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Eldorado Gold Corp and Triple Flag Precious in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Triple Flag Precious and Eldorado 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 Eldorado Gold Corp are associated (or correlated) with Triple Flag. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Triple Flag Precious has no effect on the direction of Eldorado Gold i.e., Eldorado Gold and Triple Flag go up and down completely randomly.
Pair Corralation between Eldorado Gold and Triple Flag
Considering the 90-day investment horizon Eldorado Gold Corp is expected to generate 1.14 times more return on investment than Triple Flag. However, Eldorado Gold is 1.14 times more volatile than Triple Flag Precious. It trades about 0.1 of its potential returns per unit of risk. Triple Flag Precious is currently generating about 0.1 per unit of risk. If you would invest 2,767 in Eldorado Gold Corp on September 11, 2025 and sell it today you would earn a total of 469.00 from holding Eldorado Gold Corp or generate 16.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Eldorado Gold Corp vs. Triple Flag Precious
Performance |
| Timeline |
| Eldorado Gold Corp |
| Triple Flag Precious |
Eldorado Gold and Triple Flag Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eldorado Gold and Triple Flag
The main advantage of trading using opposite Eldorado Gold and Triple Flag positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eldorado Gold position performs unexpectedly, Triple Flag 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 Triple Flag will offset losses from the drop in Triple Flag's long position.| Eldorado Gold vs. New Gold | Eldorado Gold vs. SSR Mining | Eldorado Gold vs. B2Gold Corp | Eldorado Gold vs. Compania de Minas |
| Triple Flag vs. Compania de Minas | Triple Flag vs. Osisko Gold Ro | Triple Flag vs. New Gold | Triple Flag vs. Louisiana Pacific |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |