Correlation Between McEwen Mining and El Puerto
Specify exactly 2 symbols:
By analyzing existing cross correlation between McEwen Mining and El Puerto de, you can compare the effects of market volatilities on McEwen Mining and El Puerto 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 El Puerto. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and El Puerto.
Diversification Opportunities for McEwen Mining and El Puerto
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between McEwen and LIVEPOLC-1 is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and El Puerto de in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on El Puerto de 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 El Puerto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of El Puerto de has no effect on the direction of McEwen Mining i.e., McEwen Mining and El Puerto go up and down completely randomly.
Pair Corralation between McEwen Mining and El Puerto
Assuming the 90 days trading horizon McEwen Mining is expected to generate 1.77 times more return on investment than El Puerto. However, McEwen Mining is 1.77 times more volatile than El Puerto de. It trades about 0.13 of its potential returns per unit of risk. El Puerto de is currently generating about -0.08 per unit of risk. If you would invest 16,600 in McEwen Mining on September 12, 2024 and sell it today you would earn a total of 3,200 from holding McEwen Mining or generate 19.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
McEwen Mining vs. El Puerto de
Performance |
Timeline |
McEwen Mining |
El Puerto de |
McEwen Mining and El Puerto Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with McEwen Mining and El Puerto
The main advantage of trading using opposite McEwen Mining and El Puerto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, El Puerto 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 El Puerto will offset losses from the drop in El Puerto's long position.McEwen Mining vs. Compaa Minera Autln | McEwen Mining vs. The Select Sector | McEwen Mining vs. Promotora y Operadora | McEwen Mining vs. iShares Global Timber |
El Puerto vs. El Puerto de | El Puerto vs. Organizacin Soriana S | El Puerto vs. La Comer SAB | El Puerto vs. Companhia Brasileira de |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |