Correlation Between Coeur Mining and General Dynamics
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and General Dynamics 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 Coeur Mining and General Dynamics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and General Dynamics Corp, you can compare the effects of market volatilities on Coeur Mining and General Dynamics 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 Coeur Mining with a short position of General Dynamics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and General Dynamics.
Diversification Opportunities for Coeur Mining and General Dynamics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Coeur and General is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and General Dynamics Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on General Dynamics Corp and Coeur 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 Coeur Mining are associated (or correlated) with General Dynamics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of General Dynamics Corp has no effect on the direction of Coeur Mining i.e., Coeur Mining and General Dynamics go up and down completely randomly.
Pair Corralation between Coeur Mining and General Dynamics
If you would invest 609.00 in Coeur Mining on November 4, 2024 and sell it today you would earn a total of 60.00 from holding Coeur Mining or generate 9.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Coeur Mining vs. General Dynamics Corp
Performance |
| Timeline |
| Coeur Mining |
| General Dynamics Corp |
Coeur Mining and General Dynamics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and General Dynamics
The main advantage of trading using opposite Coeur Mining and General Dynamics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, General Dynamics 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 General Dynamics will offset losses from the drop in General Dynamics' long position.| Coeur Mining vs. Samsung Electronics Co | Coeur Mining vs. Samsung Electronics Co | Coeur Mining vs. Toyota Motor Corp | Coeur Mining vs. Reliance Industries Ltd |
| General Dynamics vs. Vietnam Enterprise Investments | General Dynamics vs. Diversified Energy | General Dynamics vs. JD Sports Fashion | General Dynamics vs. Lindsell Train Investment |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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