Correlation Between Highway 50 and Seahawk Gold
Can any of the company-specific risk be diversified away by investing in both Highway 50 and Seahawk 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 Highway 50 and Seahawk Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Highway 50 Gold and Seahawk Gold Corp, you can compare the effects of market volatilities on Highway 50 and Seahawk 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 Highway 50 with a short position of Seahawk Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Highway 50 and Seahawk Gold.
Diversification Opportunities for Highway 50 and Seahawk Gold
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Highway and Seahawk is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Highway 50 Gold and Seahawk Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Seahawk Gold Corp and Highway 50 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 Highway 50 Gold are associated (or correlated) with Seahawk Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Seahawk Gold Corp has no effect on the direction of Highway 50 i.e., Highway 50 and Seahawk Gold go up and down completely randomly.
Pair Corralation between Highway 50 and Seahawk Gold
Assuming the 90 days horizon Highway 50 is expected to generate 10.83 times less return on investment than Seahawk Gold. But when comparing it to its historical volatility, Highway 50 Gold is 10.83 times less risky than Seahawk Gold. It trades about 0.13 of its potential returns per unit of risk. Seahawk Gold Corp is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2.10 in Seahawk Gold Corp on September 4, 2025 and sell it today you would earn a total of 25.90 from holding Seahawk Gold Corp or generate 1233.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Highway 50 Gold vs. Seahawk Gold Corp
Performance |
| Timeline |
| Highway 50 Gold |
| Seahawk Gold Corp |
Highway 50 and Seahawk Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Highway 50 and Seahawk Gold
The main advantage of trading using opposite Highway 50 and Seahawk Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Highway 50 position performs unexpectedly, Seahawk 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 Seahawk Gold will offset losses from the drop in Seahawk Gold's long position.| Highway 50 vs. Gladstone Investment | Highway 50 vs. Electreon Wireless | Highway 50 vs. Crombie Real Estate | Highway 50 vs. Regal Real Estate |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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