Correlation Between Lakeside Holding and US GoldMining
Can any of the company-specific risk be diversified away by investing in both Lakeside Holding and US GoldMining 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 Lakeside Holding and US GoldMining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lakeside Holding Limited and US GoldMining Common, you can compare the effects of market volatilities on Lakeside Holding and US GoldMining 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 Lakeside Holding with a short position of US GoldMining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lakeside Holding and US GoldMining.
Diversification Opportunities for Lakeside Holding and US GoldMining
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Lakeside and USGO is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Lakeside Holding Limited and US GoldMining Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US GoldMining Common and Lakeside Holding 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 Lakeside Holding Limited are associated (or correlated) with US GoldMining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US GoldMining Common has no effect on the direction of Lakeside Holding i.e., Lakeside Holding and US GoldMining go up and down completely randomly.
Pair Corralation between Lakeside Holding and US GoldMining
Considering the 90-day investment horizon Lakeside Holding Limited is expected to under-perform the US GoldMining. In addition to that, Lakeside Holding is 1.05 times more volatile than US GoldMining Common. It trades about -0.07 of its total potential returns per unit of risk. US GoldMining Common is currently generating about 0.06 per unit of volatility. If you would invest 879.00 in US GoldMining Common on September 2, 2025 and sell it today you would earn a total of 116.00 from holding US GoldMining Common or generate 13.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.46% |
| Values | Daily Returns |
Lakeside Holding Limited vs. US GoldMining Common
Performance |
| Timeline |
| Lakeside Holding |
| US GoldMining Common |
Lakeside Holding and US GoldMining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lakeside Holding and US GoldMining
The main advantage of trading using opposite Lakeside Holding and US GoldMining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lakeside Holding position performs unexpectedly, US GoldMining 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 US GoldMining will offset losses from the drop in US GoldMining's long position.| Lakeside Holding vs. Blue Moon Metals | Lakeside Holding vs. Verde Clean Fuels | Lakeside Holding vs. Tencent Music Entertainment | Lakeside Holding vs. Perseus Mining Limited |
| US GoldMining vs. Tsingtao Brewery | US GoldMining vs. Thai Beverage PCL | US GoldMining vs. ISE Chemicals | US GoldMining vs. Codere Online Luxembourg |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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