Correlation Between McEwen Mining and Compaa Minera
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By analyzing existing cross correlation between McEwen Mining and Compaa Minera Autln, you can compare the effects of market volatilities on McEwen Mining and Compaa Minera 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 McEwen Mining with a short position of Compaa Minera. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and Compaa Minera.
Diversification Opportunities for McEwen Mining and Compaa Minera
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between McEwen and Compaa is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and Compaa Minera Autln in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Compaa Minera Autln and McEwen 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 McEwen Mining are associated (or correlated) with Compaa Minera. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Compaa Minera Autln has no effect on the direction of McEwen Mining i.e., McEwen Mining and Compaa Minera go up and down completely randomly.
Pair Corralation between McEwen Mining and Compaa Minera
Assuming the 90 days trading horizon McEwen Mining is expected to generate 2.86 times more return on investment than Compaa Minera. However, McEwen Mining is 2.86 times more volatile than Compaa Minera Autln. It trades about 0.05 of its potential returns per unit of risk. Compaa Minera Autln is currently generating about -0.06 per unit of risk. If you would invest 7,500 in McEwen Mining on September 23, 2024 and sell it today you would earn a total of 12,300 from holding McEwen Mining or generate 164.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 99.8% |
Values | Daily Returns |
McEwen Mining vs. Compaa Minera Autln
Performance |
Timeline |
McEwen Mining |
Compaa Minera Autln |
McEwen Mining and Compaa Minera Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with McEwen Mining and Compaa Minera
The main advantage of trading using opposite McEwen Mining and Compaa Minera positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, Compaa Minera 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 Compaa Minera will offset losses from the drop in Compaa Minera's long position.McEwen Mining vs. BHP Group | McEwen Mining vs. Rio Tinto Group | McEwen Mining vs. Vale SA | McEwen Mining vs. Glencore plc |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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