Correlation Between Eastinco Mining and Everyman Media
Can any of the company-specific risk be diversified away by investing in both Eastinco Mining and Everyman 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 Eastinco Mining and Everyman Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eastinco Mining Exploration and Everyman Media Group, you can compare the effects of market volatilities on Eastinco Mining and Everyman 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 Eastinco Mining with a short position of Everyman Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastinco Mining and Everyman Media.
Diversification Opportunities for Eastinco Mining and Everyman Media
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Eastinco and Everyman is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Eastinco Mining Exploration and Everyman Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everyman Media Group and Eastinco 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 Eastinco Mining Exploration are associated (or correlated) with Everyman Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everyman Media Group has no effect on the direction of Eastinco Mining i.e., Eastinco Mining and Everyman Media go up and down completely randomly.
Pair Corralation between Eastinco Mining and Everyman Media
Assuming the 90 days trading horizon Eastinco Mining Exploration is expected to generate 1.45 times more return on investment than Everyman Media. However, Eastinco Mining is 1.45 times more volatile than Everyman Media Group. It trades about 0.41 of its potential returns per unit of risk. Everyman Media Group is currently generating about -0.33 per unit of risk. If you would invest 4,900 in Eastinco Mining Exploration on September 4, 2024 and sell it today you would earn a total of 350.00 from holding Eastinco Mining Exploration or generate 7.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Eastinco Mining Exploration vs. Everyman Media Group
Performance |
| Timeline |
| Eastinco Mining Expl |
| Everyman Media Group |
Eastinco Mining and Everyman Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastinco Mining and Everyman Media
The main advantage of trading using opposite Eastinco Mining and Everyman Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastinco Mining position performs unexpectedly, Everyman 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 Everyman Media will offset losses from the drop in Everyman Media's long position.| Eastinco Mining vs. Antofagasta PLC | Eastinco Mining vs. Atalaya Mining | Eastinco Mining vs. Ferrexpo PLC | Eastinco Mining vs. Amaroq Minerals |
| Everyman Media vs. Gaming Realms plc | Everyman Media vs. Leroy Seafood Group | Everyman Media vs. Edita Food Industries | Everyman Media vs. Sligro Food Group |
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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