Correlation Between Goldstorm Metals and Enerflex
Can any of the company-specific risk be diversified away by investing in both Goldstorm Metals and Enerflex 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 Goldstorm Metals and Enerflex into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goldstorm Metals Corp and Enerflex, you can compare the effects of market volatilities on Goldstorm Metals and Enerflex 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 Goldstorm Metals with a short position of Enerflex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldstorm Metals and Enerflex.
Diversification Opportunities for Goldstorm Metals and Enerflex
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Goldstorm and Enerflex is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Goldstorm Metals Corp and Enerflex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enerflex and Goldstorm Metals 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 Goldstorm Metals Corp are associated (or correlated) with Enerflex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enerflex has no effect on the direction of Goldstorm Metals i.e., Goldstorm Metals and Enerflex go up and down completely randomly.
Pair Corralation between Goldstorm Metals and Enerflex
Assuming the 90 days trading horizon Goldstorm Metals Corp is expected to under-perform the Enerflex. In addition to that, Goldstorm Metals is 3.46 times more volatile than Enerflex. It trades about -0.13 of its total potential returns per unit of risk. Enerflex is currently generating about 0.23 per unit of volatility. If you would invest 1,606 in Enerflex on September 8, 2025 and sell it today you would earn a total of 390.00 from holding Enerflex or generate 24.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goldstorm Metals Corp vs. Enerflex
Performance |
| Timeline |
| Goldstorm Metals Corp |
| Enerflex |
Goldstorm Metals and Enerflex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldstorm Metals and Enerflex
The main advantage of trading using opposite Goldstorm Metals and Enerflex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldstorm Metals position performs unexpectedly, Enerflex 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 Enerflex will offset losses from the drop in Enerflex's long position.| Goldstorm Metals vs. Enbridge Pref 5 | Goldstorm Metals vs. Enbridge Pref 11 | Goldstorm Metals vs. Enbridge Pref L | Goldstorm Metals vs. E Split Corp |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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