Correlation Between Coeur Mining and Mulberry Group
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and Mulberry Group 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 Mulberry Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and Mulberry Group PLC, you can compare the effects of market volatilities on Coeur Mining and Mulberry Group 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 Mulberry Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and Mulberry Group.
Diversification Opportunities for Coeur Mining and Mulberry Group
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Coeur and Mulberry is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and Mulberry Group PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mulberry Group 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 Mulberry Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mulberry Group PLC has no effect on the direction of Coeur Mining i.e., Coeur Mining and Mulberry Group go up and down completely randomly.
Pair Corralation between Coeur Mining and Mulberry Group
Assuming the 90 days trading horizon Coeur Mining is expected to under-perform the Mulberry Group. In addition to that, Coeur Mining is 4.12 times more volatile than Mulberry Group PLC. It trades about -0.08 of its total potential returns per unit of risk. Mulberry Group PLC is currently generating about -0.11 per unit of volatility. If you would invest 10,700 in Mulberry Group PLC on October 13, 2024 and sell it today you would lose (200.00) from holding Mulberry Group PLC or give up 1.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Coeur Mining vs. Mulberry Group PLC
Performance |
| Timeline |
| Coeur Mining |
| Mulberry Group PLC |
Coeur Mining and Mulberry Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and Mulberry Group
The main advantage of trading using opposite Coeur Mining and Mulberry Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, Mulberry Group 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 Mulberry Group will offset losses from the drop in Mulberry Group's long position.| Coeur Mining vs. Bloomsbury Publishing Plc | Coeur Mining vs. Fulcrum Metals PLC | Coeur Mining vs. CAP LEASE AVIATION | Coeur Mining vs. AMG Advanced Metallurgical |
| Mulberry Group vs. Jupiter Fund Management | Mulberry Group vs. Coeur Mining | Mulberry Group vs. Jacquet Metal Service | Mulberry Group vs. Rheinmetall AG |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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