Correlation Between Helios Technologies and Barrick Mining
Can any of the company-specific risk be diversified away by investing in both Helios Technologies and Barrick Mining 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 Helios Technologies and Barrick Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Helios Technologies and Barrick Mining, you can compare the effects of market volatilities on Helios Technologies and Barrick Mining 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 Helios Technologies with a short position of Barrick Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Helios Technologies and Barrick Mining.
Diversification Opportunities for Helios Technologies and Barrick Mining
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Helios and Barrick is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Helios Technologies and Barrick Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barrick Mining and Helios Technologies 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 Helios Technologies are associated (or correlated) with Barrick Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barrick Mining has no effect on the direction of Helios Technologies i.e., Helios Technologies and Barrick Mining go up and down completely randomly.
Pair Corralation between Helios Technologies and Barrick Mining
Given the investment horizon of 90 days Helios Technologies is expected to under-perform the Barrick Mining. In addition to that, Helios Technologies is 1.42 times more volatile than Barrick Mining. It trades about -0.02 of its total potential returns per unit of risk. Barrick Mining is currently generating about 0.06 per unit of volatility. If you would invest 1,925 in Barrick Mining on March 25, 2025 and sell it today you would earn a total of 169.00 from holding Barrick Mining or generate 8.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Helios Technologies vs. Barrick Mining
Performance |
| Timeline |
| Helios Technologies |
| Barrick Mining |
Helios Technologies and Barrick Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Helios Technologies and Barrick Mining
The main advantage of trading using opposite Helios Technologies and Barrick Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Helios Technologies position performs unexpectedly, Barrick Mining 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 Mining will offset losses from the drop in Barrick Mining's long position.| Helios Technologies vs. Enpro Industries | Helios Technologies vs. Omega Flex | Helios Technologies vs. Luxfer Holdings PLC | Helios Technologies vs. Hurco Companies |
| Barrick Mining vs. Helios Technologies | Barrick Mining vs. Enpro Industries | Barrick Mining vs. Omega Flex | Barrick Mining vs. Luxfer Holdings PLC |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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