Correlation Between NanoTech Gaming and Barrick Mining

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Can any of the company-specific risk be diversified away by investing in both NanoTech Gaming 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 NanoTech Gaming and Barrick Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NanoTech Gaming and Barrick Mining, you can compare the effects of market volatilities on NanoTech Gaming 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 NanoTech Gaming with a short position of Barrick Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of NanoTech Gaming and Barrick Mining.

Diversification Opportunities for NanoTech Gaming and Barrick Mining

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between NanoTech and Barrick is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NanoTech Gaming and Barrick Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barrick Mining and NanoTech Gaming 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 NanoTech Gaming 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 NanoTech Gaming i.e., NanoTech Gaming and Barrick Mining go up and down completely randomly.

Pair Corralation between NanoTech Gaming and Barrick Mining

If you would invest  2,887  in Barrick Mining on September 7, 2025 and sell it today you would earn a total of  1,217  from holding Barrick Mining or generate 42.15% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

NanoTech Gaming  vs.  Barrick Mining

 Performance 
       Timeline  
NanoTech Gaming 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days NanoTech Gaming has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent technical and fundamental indicators, NanoTech Gaming is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.
Barrick Mining 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Barrick Mining are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak fundamental drivers, Barrick Mining sustained solid returns over the last few months and may actually be approaching a breakup point.

NanoTech Gaming and Barrick Mining Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with NanoTech Gaming and Barrick Mining

The main advantage of trading using opposite NanoTech Gaming and Barrick Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NanoTech Gaming 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.
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The idea behind NanoTech Gaming and Barrick Mining pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.

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