Correlation Between Cordoba Minerals and Bravada Gold

Can any of the company-specific risk be diversified away by investing in both Cordoba Minerals and Bravada Gold 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 Cordoba Minerals and Bravada Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Cordoba Minerals Corp and Bravada Gold, you can compare the effects of market volatilities on Cordoba Minerals and Bravada Gold 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 Cordoba Minerals with a short position of Bravada Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cordoba Minerals and Bravada Gold.

Diversification Opportunities for Cordoba Minerals and Bravada Gold

-0.34

Correlation Coefficient

Cordoba Minerals  Bravada Gold

Very good diversification

The 3 months correlation between Cordoba and Bravada is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Cordoba Minerals Corp and Bravada Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bravada Gold and Cordoba Minerals 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 Cordoba Minerals Corp are associated (or correlated) with Bravada Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bravada Gold has no effect on the direction of Cordoba Minerals i.e., Cordoba Minerals and Bravada Gold go up and down completely randomly.

Pair Corralation between Cordoba Minerals and Bravada Gold

Assuming the 90 days horizon Cordoba Minerals Corp is expected to under-perform the Bravada Gold. But the otc stock apears to be less risky and, when comparing its historical volatility, Cordoba Minerals Corp is 2.22 times less risky than Bravada Gold. The otc stock trades about -0.05 of its potential returns per unit of risk. The Bravada Gold is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  2.51  in Bravada Gold on May 7, 2025 and sell it today you would earn a total of  0.89  from holding Bravada Gold or generate 35.46% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.39%
Values	Daily Returns

Cordoba Minerals Corp  vs.  Bravada Gold

Cordoba Minerals Corp

Risk-Adjusted Performance

Modest

Over the last 90 days Cordoba Minerals Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's primary indicators remain nearly stable which may send shares a bit higher in September 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

Bravada Gold

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Bravada Gold are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, Bravada Gold reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Cordoba Minerals and Bravada Gold

The main advantage of trading using opposite Cordoba Minerals and Bravada Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cordoba Minerals position performs unexpectedly, Bravada Gold 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 Bravada Gold will offset losses from the drop in Bravada Gold's long position.

The idea behind Cordoba Minerals Corp and Bravada Gold 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.