Correlation Between Golden Energy and Global Crossing
Can any of the company-specific risk be diversified away by investing in both Golden Energy and Global Crossing 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 Golden Energy and Global Crossing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Energy Offshore and Global Crossing Airlines, you can compare the effects of market volatilities on Golden Energy and Global Crossing 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 Golden Energy with a short position of Global Crossing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Energy and Global Crossing.
Diversification Opportunities for Golden Energy and Global Crossing
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Golden and Global is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Golden Energy Offshore and Global Crossing Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Crossing Airlines and Golden Energy 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 Golden Energy Offshore are associated (or correlated) with Global Crossing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Crossing Airlines has no effect on the direction of Golden Energy i.e., Golden Energy and Global Crossing go up and down completely randomly.
Pair Corralation between Golden Energy and Global Crossing
Assuming the 90 days horizon Golden Energy Offshore is expected to under-perform the Global Crossing. But the otc stock apears to be less risky and, when comparing its historical volatility, Golden Energy Offshore is 1.65 times less risky than Global Crossing. The otc stock trades about -0.02 of its potential returns per unit of risk. The Global Crossing Airlines is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 58.00 in Global Crossing Airlines on August 20, 2025 and sell it today you would earn a total of 14.00 from holding Global Crossing Airlines or generate 24.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Golden Energy Offshore vs. Global Crossing Airlines
Performance |
| Timeline |
| Golden Energy Offshore |
| Global Crossing Airlines |
Golden Energy and Global Crossing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Energy and Global Crossing
The main advantage of trading using opposite Golden Energy and Global Crossing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Energy position performs unexpectedly, Global Crossing 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 Global Crossing will offset losses from the drop in Global Crossing's long position.| Golden Energy vs. Toho Titanium Co | Golden Energy vs. Suncorp Technologies Limited | Golden Energy vs. Genoil Inc | Golden Energy vs. Aquarius Engines |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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