Correlation Between Metals Creek and Grid Battery
Can any of the company-specific risk be diversified away by investing in both Metals Creek and Grid Battery 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 Metals Creek and Grid Battery into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Metals Creek Resources and Grid Battery Metals, you can compare the effects of market volatilities on Metals Creek and Grid Battery 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 Metals Creek with a short position of Grid Battery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Metals Creek and Grid Battery.
Diversification Opportunities for Metals Creek and Grid Battery
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Metals and Grid is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Metals Creek Resources and Grid Battery Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grid Battery Metals and Metals Creek 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 Metals Creek Resources are associated (or correlated) with Grid Battery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grid Battery Metals has no effect on the direction of Metals Creek i.e., Metals Creek and Grid Battery go up and down completely randomly.
Pair Corralation between Metals Creek and Grid Battery
Assuming the 90 days horizon Metals Creek Resources is expected to generate 2.03 times more return on investment than Grid Battery. However, Metals Creek is 2.03 times more volatile than Grid Battery Metals. It trades about 0.12 of its potential returns per unit of risk. Grid Battery Metals is currently generating about 0.02 per unit of risk. If you would invest 2.00 in Metals Creek Resources on August 22, 2025 and sell it today you would earn a total of 1.00 from holding Metals Creek Resources or generate 50.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Metals Creek Resources vs. Grid Battery Metals
Performance |
| Timeline |
| Metals Creek Resources |
| Grid Battery Metals |
Metals Creek and Grid Battery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Metals Creek and Grid Battery
The main advantage of trading using opposite Metals Creek and Grid Battery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Metals Creek position performs unexpectedly, Grid Battery 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 Grid Battery will offset losses from the drop in Grid Battery's long position.| Metals Creek vs. Great Atlantic Resources | Metals Creek vs. Grid Battery Metals | Metals Creek vs. Lomiko Metals | Metals Creek vs. Vertical Explorations |
| Grid Battery vs. Strikepoint Gold | Grid Battery vs. Orex Minerals | Grid Battery vs. Metals Creek Resources | Grid Battery vs. Vision Lithium |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |