Correlation Between Exploits Discovery and Canterra Minerals
Can any of the company-specific risk be diversified away by investing in both Exploits Discovery and Canterra 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 Exploits Discovery and Canterra Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exploits Discovery Corp and Canterra Minerals, you can compare the effects of market volatilities on Exploits Discovery and Canterra 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 Exploits Discovery with a short position of Canterra Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exploits Discovery and Canterra Minerals.
Diversification Opportunities for Exploits Discovery and Canterra Minerals
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Exploits and Canterra is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Exploits Discovery Corp and Canterra Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canterra Minerals and Exploits Discovery 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 Exploits Discovery Corp are associated (or correlated) with Canterra Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canterra Minerals has no effect on the direction of Exploits Discovery i.e., Exploits Discovery and Canterra Minerals go up and down completely randomly.
Pair Corralation between Exploits Discovery and Canterra Minerals
Assuming the 90 days horizon Exploits Discovery Corp is expected to generate 1.22 times more return on investment than Canterra Minerals. However, Exploits Discovery is 1.22 times more volatile than Canterra Minerals. It trades about 0.13 of its potential returns per unit of risk. Canterra Minerals is currently generating about 0.04 per unit of risk. If you would invest 2.30 in Exploits Discovery Corp on April 26, 2025 and sell it today you would earn a total of 1.20 from holding Exploits Discovery Corp or generate 52.17% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Exploits Discovery Corp vs. Canterra Minerals
Performance |
Timeline |
Exploits Discovery Corp |
Canterra Minerals |
Exploits Discovery and Canterra Minerals Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Exploits Discovery and Canterra Minerals
The main advantage of trading using opposite Exploits Discovery and Canterra Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exploits Discovery position performs unexpectedly, Canterra 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 Canterra Minerals will offset losses from the drop in Canterra Minerals' long position.Exploits Discovery vs. Gander Gold | Exploits Discovery vs. Sokoman Minerals Corp | Exploits Discovery vs. Bonterra Resources | Exploits Discovery vs. Labrador Gold Corp |
Canterra Minerals vs. Silver Wolf Exploration | Canterra Minerals vs. Mexican Gold Mining | Canterra Minerals vs. Azucar Minerals | Canterra Minerals vs. Leocor Gold |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation |