Correlation Between Gfl Environmental and Aris Gold
Can any of the company-specific risk be diversified away by investing in both Gfl Environmental and Aris 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 Gfl Environmental and Aris Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gfl Environmental Holdings and Aris Gold, you can compare the effects of market volatilities on Gfl Environmental and Aris 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 Gfl Environmental with a short position of Aris Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gfl Environmental and Aris Gold.
Diversification Opportunities for Gfl Environmental and Aris Gold
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gfl and Aris is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Gfl Environmental Holdings and Aris Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aris Gold and Gfl Environmental 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 Gfl Environmental Holdings are associated (or correlated) with Aris Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aris Gold has no effect on the direction of Gfl Environmental i.e., Gfl Environmental and Aris Gold go up and down completely randomly.
Pair Corralation between Gfl Environmental and Aris Gold
Assuming the 90 days trading horizon Gfl Environmental Holdings is expected to under-perform the Aris Gold. But the stock apears to be less risky and, when comparing its historical volatility, Gfl Environmental Holdings is 4.59 times less risky than Aris Gold. The stock trades about -0.05 of its potential returns per unit of risk. The Aris Gold is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 38.00 in Aris Gold on September 6, 2025 and sell it today you would earn a total of 20.00 from holding Aris Gold or generate 52.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gfl Environmental Holdings vs. Aris Gold
Performance |
| Timeline |
| Gfl Environmental |
| Aris Gold |
Gfl Environmental and Aris Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gfl Environmental and Aris Gold
The main advantage of trading using opposite Gfl Environmental and Aris Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gfl Environmental position performs unexpectedly, Aris 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 Aris Gold will offset losses from the drop in Aris Gold's long position.| Gfl Environmental vs. Bragg Gaming Group | Gfl Environmental vs. Constellation Software | Gfl Environmental vs. Wall Financial | Gfl Environmental vs. Manulife Financial Corp |
| Aris Gold vs. Organto Foods Incorporated | Aris Gold vs. Intact Financial Corp | Aris Gold vs. Maple Leaf Foods | Aris Gold vs. E L Financial 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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