Correlation Between Haverty Furniture and Coeur Mining
Can any of the company-specific risk be diversified away by investing in both Haverty Furniture and Coeur 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 Haverty Furniture and Coeur Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haverty Furniture Companies and Coeur Mining, you can compare the effects of market volatilities on Haverty Furniture and Coeur 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 Haverty Furniture with a short position of Coeur Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haverty Furniture and Coeur Mining.
Diversification Opportunities for Haverty Furniture and Coeur Mining
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Haverty and Coeur is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Haverty Furniture Companies and Coeur Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coeur Mining and Haverty Furniture 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 Haverty Furniture Companies are associated (or correlated) with Coeur Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coeur Mining has no effect on the direction of Haverty Furniture i.e., Haverty Furniture and Coeur Mining go up and down completely randomly.
Pair Corralation between Haverty Furniture and Coeur Mining
Assuming the 90 days horizon Haverty Furniture Companies is expected to under-perform the Coeur Mining. In addition to that, Haverty Furniture is 1.94 times more volatile than Coeur Mining. It trades about -0.05 of its total potential returns per unit of risk. Coeur Mining is currently generating about -0.03 per unit of volatility. If you would invest 394.00 in Coeur Mining on December 11, 2024 and sell it today you would lose (50.00) from holding Coeur Mining or give up 12.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haverty Furniture Companies vs. Coeur Mining
Performance |
| Timeline |
| Haverty Furniture |
| Coeur Mining |
Haverty Furniture and Coeur Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haverty Furniture and Coeur Mining
The main advantage of trading using opposite Haverty Furniture and Coeur Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haverty Furniture position performs unexpectedly, Coeur 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 Coeur Mining will offset losses from the drop in Coeur Mining's long position.| Haverty Furniture vs. COPLAND ROAD CAPITAL | ||
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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