Correlation Between ScanSource and Goldrich Mining

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

By analyzing existing cross correlation between ScanSource and Goldrich Mining Co, you can compare the effects of market volatilities on ScanSource and Goldrich 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 ScanSource with a short position of Goldrich Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of ScanSource and Goldrich Mining.

Diversification Opportunities for ScanSource and Goldrich Mining

0.0

Correlation Coefficient

ScanSource  Goldrich Mining

Pay attention - limited upside

The 3 months correlation between ScanSource and Goldrich is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ScanSource and Goldrich Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goldrich Mining and ScanSource 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 ScanSource are associated (or correlated) with Goldrich Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goldrich Mining has no effect on the direction of ScanSource i.e., ScanSource and Goldrich Mining go up and down completely randomly.

Pair Corralation between ScanSource and Goldrich Mining

If you would invest  4,106  in ScanSource on May 24, 2025 and sell it today you would earn a total of  294.00  from holding ScanSource or generate 7.16% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

ScanSource  vs.  Goldrich Mining Co

ScanSource

Risk-Adjusted Performance

Weakest

Compared to the overall equity markets, risk-adjusted returns on investments in ScanSource are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of rather unfluctuating basic indicators, ScanSource may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Goldrich Mining

Risk-Adjusted Performance

Weakest

Over the last 90 days Goldrich Mining Co has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound primary indicators, Goldrich Mining is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

Pair Trading with ScanSource and Goldrich Mining

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

The idea behind ScanSource and Goldrich Mining Co 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.