Correlation Between Coeur Mining and One Media
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and One Media 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 One Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and One Media iP, you can compare the effects of market volatilities on Coeur Mining and One Media 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 One Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and One Media.
Diversification Opportunities for Coeur Mining and One Media
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Coeur and One is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and One Media iP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on One Media iP 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 One Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of One Media iP has no effect on the direction of Coeur Mining i.e., Coeur Mining and One Media go up and down completely randomly.
Pair Corralation between Coeur Mining and One Media
Assuming the 90 days trading horizon Coeur Mining is expected to under-perform the One Media. In addition to that, Coeur Mining is 1.56 times more volatile than One Media iP. It trades about -0.05 of its total potential returns per unit of risk. One Media iP is currently generating about -0.04 per unit of volatility. If you would invest 375.00 in One Media iP on August 25, 2024 and sell it today you would lose (10.00) from holding One Media iP or give up 2.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Coeur Mining vs. One Media iP
Performance |
| Timeline |
| Coeur Mining |
| One Media iP |
Coeur Mining and One Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and One Media
The main advantage of trading using opposite Coeur Mining and One Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, One Media 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 One Media will offset losses from the drop in One Media'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 |
| One Media vs. InterContinental Hotels Group | One Media vs. Metals Exploration Plc | One Media vs. Coeur Mining | One Media vs. Bisichi Mining 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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