Correlation Between Genoil and Golden Energy
Can any of the company-specific risk be diversified away by investing in both Genoil and Golden Energy 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 Genoil and Golden Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genoil Inc and Golden Energy Offshore, you can compare the effects of market volatilities on Genoil and Golden Energy 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 Genoil with a short position of Golden Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genoil and Golden Energy.
Diversification Opportunities for Genoil and Golden Energy
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Genoil and Golden is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Genoil Inc and Golden Energy Offshore in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golden Energy Offshore and Genoil 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 Genoil Inc are associated (or correlated) with Golden Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golden Energy Offshore has no effect on the direction of Genoil i.e., Genoil and Golden Energy go up and down completely randomly.
Pair Corralation between Genoil and Golden Energy
Assuming the 90 days horizon Genoil Inc is expected to generate 4.58 times more return on investment than Golden Energy. However, Genoil is 4.58 times more volatile than Golden Energy Offshore. It trades about 0.05 of its potential returns per unit of risk. Golden Energy Offshore is currently generating about -0.1 per unit of risk. If you would invest 1.00 in Genoil Inc on September 6, 2025 and sell it today you would lose (0.01) from holding Genoil Inc or give up 1.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Genoil Inc vs. Golden Energy Offshore
Performance |
| Timeline |
| Genoil Inc |
| Golden Energy Offshore |
Genoil and Golden Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genoil and Golden Energy
The main advantage of trading using opposite Genoil and Golden Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genoil position performs unexpectedly, Golden Energy 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 Golden Energy will offset losses from the drop in Golden Energy's long position.| Genoil vs. Quipt Home Medical | Genoil vs. TVC Telecom | Genoil vs. Haier Smart Home | Genoil vs. Eddy Smart Home |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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