Correlation Between Niocan and Camino Minerals
Can any of the company-specific risk be diversified away by investing in both Niocan and Camino Minerals 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 Niocan and Camino Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Niocan Inc and Camino Minerals, you can compare the effects of market volatilities on Niocan and Camino Minerals 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 Niocan with a short position of Camino Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Niocan and Camino Minerals.
Diversification Opportunities for Niocan and Camino Minerals
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Niocan and Camino is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Niocan Inc and Camino Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Camino Minerals and Niocan 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 Niocan Inc are associated (or correlated) with Camino Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Camino Minerals has no effect on the direction of Niocan i.e., Niocan and Camino Minerals go up and down completely randomly.
Pair Corralation between Niocan and Camino Minerals
Assuming the 90 days horizon Niocan is expected to generate 1.19 times less return on investment than Camino Minerals. In addition to that, Niocan is 2.69 times more volatile than Camino Minerals. It trades about 0.04 of its total potential returns per unit of risk. Camino Minerals is currently generating about 0.14 per unit of volatility. If you would invest 21.00 in Camino Minerals on September 8, 2025 and sell it today you would earn a total of 13.00 from holding Camino Minerals or generate 61.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.48% |
| Values | Daily Returns |
Niocan Inc vs. Camino Minerals
Performance |
| Timeline |
| Niocan Inc |
| Camino Minerals |
Niocan and Camino Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Niocan and Camino Minerals
The main advantage of trading using opposite Niocan and Camino Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Niocan position performs unexpectedly, Camino Minerals 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 Camino Minerals will offset losses from the drop in Camino Minerals' long position.| Niocan vs. Galaxy Gaming | Niocan vs. Flow Traders | Niocan vs. Champion Gaming Group | Niocan vs. Renewable Energy Trade |
| Camino Minerals vs. Barrick Mining | Camino Minerals vs. First Foods Group | Camino Minerals vs. Thai Beverage PCL | Camino Minerals vs. BG Foods |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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