Correlation Between NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK
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By analyzing existing cross correlation between NEWGOLD EXCHANGE TRADED and CONSOLIDATED HALLMARK HOLDINGS, you can compare the effects of market volatilities on NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK 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 NEWGOLD EXCHANGE with a short position of CONSOLIDATED HALLMARK. Check out your portfolio center. Please also check ongoing floating volatility patterns of NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK.
Diversification Opportunities for NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between NEWGOLD and CONSOLIDATED is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding NEWGOLD EXCHANGE TRADED and CONSOLIDATED HALLMARK HOLDINGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONSOLIDATED HALLMARK and NEWGOLD EXCHANGE 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 NEWGOLD EXCHANGE TRADED are associated (or correlated) with CONSOLIDATED HALLMARK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONSOLIDATED HALLMARK has no effect on the direction of NEWGOLD EXCHANGE i.e., NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK go up and down completely randomly.
Pair Corralation between NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK
Assuming the 90 days trading horizon NEWGOLD EXCHANGE is expected to generate 6.82 times less return on investment than CONSOLIDATED HALLMARK. But when comparing it to its historical volatility, NEWGOLD EXCHANGE TRADED is 1.22 times less risky than CONSOLIDATED HALLMARK. It trades about 0.03 of its potential returns per unit of risk. CONSOLIDATED HALLMARK HOLDINGS is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 300.00 in CONSOLIDATED HALLMARK HOLDINGS on June 13, 2025 and sell it today you would earn a total of 140.00 from holding CONSOLIDATED HALLMARK HOLDINGS or generate 46.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NEWGOLD EXCHANGE TRADED vs. CONSOLIDATED HALLMARK HOLDINGS
Performance |
| Timeline |
| NEWGOLD EXCHANGE TRADED |
| CONSOLIDATED HALLMARK |
NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK
The main advantage of trading using opposite NEWGOLD EXCHANGE and CONSOLIDATED HALLMARK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NEWGOLD EXCHANGE position performs unexpectedly, CONSOLIDATED HALLMARK 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 CONSOLIDATED HALLMARK will offset losses from the drop in CONSOLIDATED HALLMARK's long position.| NEWGOLD EXCHANGE vs. TOTALENERGIES MARKETING NIGERIA | NEWGOLD EXCHANGE vs. FIDSON HEALTHCARE PLC | NEWGOLD EXCHANGE vs. MULTIVERSE MINING AND | NEWGOLD EXCHANGE vs. MULTI TREX INTEGRATED FOODS |
| CONSOLIDATED HALLMARK vs. IKEJA HOTELS PLC | CONSOLIDATED HALLMARK vs. AFRICAN ALLIANCE INSURANCE | CONSOLIDATED HALLMARK vs. WEMA BANK PLC | CONSOLIDATED HALLMARK vs. FIDELITY BANK 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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