Correlation Between Coeur Mining and Raymond James
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and Raymond James 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 Raymond James into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and Raymond James Financial, you can compare the effects of market volatilities on Coeur Mining and Raymond James 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 Raymond James. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and Raymond James.
Diversification Opportunities for Coeur Mining and Raymond James
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Coeur and Raymond is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and Raymond James Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Raymond James Financial 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 Raymond James. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Raymond James Financial has no effect on the direction of Coeur Mining i.e., Coeur Mining and Raymond James go up and down completely randomly.
Pair Corralation between Coeur Mining and Raymond James
Assuming the 90 days trading horizon Coeur Mining is expected to generate 1.99 times more return on investment than Raymond James. However, Coeur Mining is 1.99 times more volatile than Raymond James Financial. It trades about 0.21 of its potential returns per unit of risk. Raymond James Financial is currently generating about 0.35 per unit of risk. If you would invest 571.00 in Coeur Mining on October 28, 2024 and sell it today you would earn a total of 73.00 from holding Coeur Mining or generate 12.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Coeur Mining vs. Raymond James Financial
Performance |
| Timeline |
| Coeur Mining |
| Raymond James Financial |
Coeur Mining and Raymond James Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and Raymond James
The main advantage of trading using opposite Coeur Mining and Raymond James positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, Raymond James 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 Raymond James will offset losses from the drop in Raymond James' long position.| Coeur Mining vs. JLEN Environmental Assets | Coeur Mining vs. Costco Wholesale Corp | Coeur Mining vs. American Homes 4 | Coeur Mining vs. Zoom Video Communications |
| Raymond James vs. Berkshire Hathaway | Raymond James vs. Samsung Electronics Co | Raymond James vs. Samsung Electronics Co | Raymond James vs. Chocoladefabriken Lindt Spruengli |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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