Correlation Between Green Panda and Barrick Gold
Can any of the company-specific risk be diversified away by investing in both Green Panda and Barrick 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 Green Panda and Barrick Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Green Panda Capital and Barrick Gold Corp, you can compare the effects of market volatilities on Green Panda and Barrick 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 Green Panda with a short position of Barrick Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Green Panda and Barrick Gold.
Diversification Opportunities for Green Panda and Barrick Gold
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Green and Barrick is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Green Panda Capital and Barrick Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barrick Gold Corp and Green Panda 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 Green Panda Capital are associated (or correlated) with Barrick Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barrick Gold Corp has no effect on the direction of Green Panda i.e., Green Panda and Barrick Gold go up and down completely randomly.
Pair Corralation between Green Panda and Barrick Gold
Assuming the 90 days trading horizon Green Panda is expected to generate 1.47 times less return on investment than Barrick Gold. In addition to that, Green Panda is 5.08 times more volatile than Barrick Gold Corp. It trades about 0.03 of its total potential returns per unit of risk. Barrick Gold Corp is currently generating about 0.2 per unit of volatility. If you would invest 4,009 in Barrick Gold Corp on September 12, 2025 and sell it today you would earn a total of 1,767 from holding Barrick Gold Corp or generate 44.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Green Panda Capital vs. Barrick Gold Corp
Performance |
| Timeline |
| Green Panda Capital |
| Barrick Gold Corp |
Green Panda and Barrick Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Green Panda and Barrick Gold
The main advantage of trading using opposite Green Panda and Barrick Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Green Panda position performs unexpectedly, Barrick 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 Barrick Gold will offset losses from the drop in Barrick Gold's long position.| Green Panda vs. Birchtech Corp | Green Panda vs. Canso Select Opportunities | Green Panda vs. FTI Foodtech International | Green Panda vs. Pond Technologies Holdings |
| Barrick Gold vs. Wheaton Precious Metals | Barrick Gold vs. Kinross Gold Corp | Barrick Gold vs. Agnico Eagle Mines | Barrick Gold vs. Franco Nevada |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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