Correlation Between Coeur Mining and Games Workshop
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and Games Workshop 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 Games Workshop into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and Games Workshop Group, you can compare the effects of market volatilities on Coeur Mining and Games Workshop 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 Games Workshop. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and Games Workshop.
Diversification Opportunities for Coeur Mining and Games Workshop
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Coeur and Games is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and Games Workshop Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Games Workshop Group 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 Games Workshop. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Games Workshop Group has no effect on the direction of Coeur Mining i.e., Coeur Mining and Games Workshop go up and down completely randomly.
Pair Corralation between Coeur Mining and Games Workshop
Assuming the 90 days trading horizon Coeur Mining is expected to generate 1.43 times more return on investment than Games Workshop. However, Coeur Mining is 1.43 times more volatile than Games Workshop Group. It trades about 0.16 of its potential returns per unit of risk. Games Workshop Group is currently generating about 0.17 per unit of risk. If you would invest 588.00 in Coeur Mining on October 24, 2024 and sell it today you would earn a total of 52.00 from holding Coeur Mining or generate 8.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Coeur Mining vs. Games Workshop Group
Performance |
| Timeline |
| Coeur Mining |
| Games Workshop Group |
Coeur Mining and Games Workshop Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and Games Workshop
The main advantage of trading using opposite Coeur Mining and Games Workshop positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, Games Workshop 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 Games Workshop will offset losses from the drop in Games Workshop's long position.| Coeur Mining vs. Universal Health Services | Coeur Mining vs. Zoom Video Communications | Coeur Mining vs. CVS Health Corp | Coeur Mining vs. New Residential Investment |
| Games Workshop vs. Playtech Plc | Games Workshop vs. JD Sports Fashion | Games Workshop vs. PPHE Hotel Group | Games Workshop vs. MyHealthChecked Plc |
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.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |