Correlation Between Coeur Mining and Greenroc Mining
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and Greenroc Mining 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 Greenroc Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and Greenroc Mining PLC, you can compare the effects of market volatilities on Coeur Mining and Greenroc Mining 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 Greenroc Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and Greenroc Mining.
Diversification Opportunities for Coeur Mining and Greenroc Mining
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Coeur and Greenroc is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and Greenroc Mining PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenroc Mining PLC 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 Greenroc Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenroc Mining PLC has no effect on the direction of Coeur Mining i.e., Coeur Mining and Greenroc Mining go up and down completely randomly.
Pair Corralation between Coeur Mining and Greenroc Mining
Assuming the 90 days trading horizon Coeur Mining is expected to generate 0.9 times more return on investment than Greenroc Mining. However, Coeur Mining is 1.12 times less risky than Greenroc Mining. It trades about 0.06 of its potential returns per unit of risk. Greenroc Mining PLC is currently generating about -0.03 per unit of risk. If you would invest 324.00 in Coeur Mining on August 27, 2024 and sell it today you would earn a total of 345.00 from holding Coeur Mining or generate 106.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.4% |
| Values | Daily Returns |
Coeur Mining vs. Greenroc Mining PLC
Performance |
| Timeline |
| Coeur Mining |
| Greenroc Mining PLC |
Coeur Mining and Greenroc Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and Greenroc Mining
The main advantage of trading using opposite Coeur Mining and Greenroc Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, Greenroc Mining 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 Greenroc Mining will offset losses from the drop in Greenroc Mining's long position.| Coeur Mining vs. Samsung Electronics Co | Coeur Mining vs. Samsung Electronics Co | Coeur Mining vs. Hyundai Motor | Coeur Mining vs. Toyota Motor Corp |
| Greenroc Mining vs. Givaudan SA | Greenroc Mining vs. Antofagasta PLC | Greenroc Mining vs. Centamin PLC | Greenroc Mining vs. Atalaya Mining |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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