Correlation Between GALENA MINING and MCEWEN MINING
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and MCEWEN 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 GALENA MINING and MCEWEN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GALENA MINING LTD and MCEWEN MINING INC, you can compare the effects of market volatilities on GALENA MINING and MCEWEN 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 GALENA MINING with a short position of MCEWEN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and MCEWEN MINING.
Diversification Opportunities for GALENA MINING and MCEWEN MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and MCEWEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and MCEWEN MINING INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MCEWEN MINING INC and GALENA MINING 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 GALENA MINING LTD are associated (or correlated) with MCEWEN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MCEWEN MINING INC has no effect on the direction of GALENA MINING i.e., GALENA MINING and MCEWEN MINING go up and down completely randomly.
Pair Corralation between GALENA MINING and MCEWEN MINING
If you would invest 840.00 in MCEWEN MINING INC on September 13, 2024 and sell it today you would lose (25.00) from holding MCEWEN MINING INC or give up 2.98% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
GALENA MINING LTD vs. MCEWEN MINING INC
Performance |
Timeline |
GALENA MINING LTD |
MCEWEN MINING INC |
GALENA MINING and MCEWEN MINING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GALENA MINING and MCEWEN MINING
The main advantage of trading using opposite GALENA MINING and MCEWEN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, MCEWEN 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 MCEWEN MINING will offset losses from the drop in MCEWEN MINING's long position.GALENA MINING vs. American Lithium Corp | GALENA MINING vs. ADRIATIC METALS LS 013355 | GALENA MINING vs. Superior Plus Corp | GALENA MINING vs. SIVERS SEMICONDUCTORS AB |
MCEWEN MINING vs. NEW PACIFIC METALS | MCEWEN MINING vs. Superior Plus Corp | MCEWEN MINING vs. SIVERS SEMICONDUCTORS AB | MCEWEN MINING vs. Norsk Hydro ASA |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |