Correlation Between Coronation Global and Hammerson PLC
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By analyzing existing cross correlation between Coronation Global Equity and Hammerson PLC, you can compare the effects of market volatilities on Coronation Global and Hammerson PLC 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 Coronation Global with a short position of Hammerson PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coronation Global and Hammerson PLC.
Diversification Opportunities for Coronation Global and Hammerson PLC
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Coronation and Hammerson is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Coronation Global Equity and Hammerson PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hammerson PLC and Coronation Global 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 Coronation Global Equity are associated (or correlated) with Hammerson PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hammerson PLC has no effect on the direction of Coronation Global i.e., Coronation Global and Hammerson PLC go up and down completely randomly.
Pair Corralation between Coronation Global and Hammerson PLC
Assuming the 90 days trading horizon Coronation Global is expected to generate 44.77 times less return on investment than Hammerson PLC. But when comparing it to its historical volatility, Coronation Global Equity is 105.27 times less risky than Hammerson PLC. It trades about 0.29 of its potential returns per unit of risk. Hammerson PLC is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 67,500 in Hammerson PLC on September 4, 2024 and sell it today you would earn a total of 610,500 from holding Hammerson PLC or generate 904.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coronation Global Equity vs. Hammerson PLC
Performance |
| Timeline |
| Coronation Global Equity |
| Hammerson PLC |
Coronation Global and Hammerson PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coronation Global and Hammerson PLC
The main advantage of trading using opposite Coronation Global and Hammerson PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coronation Global position performs unexpectedly, Hammerson PLC 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 Hammerson PLC will offset losses from the drop in Hammerson PLC's long position.| Coronation Global vs. Sasol Ltd Bee | Coronation Global vs. Centaur Bci Balanced | Coronation Global vs. Sabvest Capital | Coronation Global vs. Growthpoint Properties |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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