Correlation Between Allianz Technology and Coeur Mining
Can any of the company-specific risk be diversified away by investing in both Allianz Technology 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 Allianz Technology and Coeur Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Allianz Technology Trust and Coeur Mining, you can compare the effects of market volatilities on Allianz Technology 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 Allianz Technology with a short position of Coeur Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianz Technology and Coeur Mining.
Diversification Opportunities for Allianz Technology and Coeur Mining
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Allianz and Coeur is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Allianz Technology Trust and Coeur Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coeur Mining and Allianz Technology 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 Allianz Technology Trust 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 Allianz Technology i.e., Allianz Technology and Coeur Mining go up and down completely randomly.
Pair Corralation between Allianz Technology and Coeur Mining
Assuming the 90 days trading horizon Allianz Technology is expected to generate 1.01 times less return on investment than Coeur Mining. But when comparing it to its historical volatility, Allianz Technology Trust is 2.27 times less risky than Coeur Mining. It trades about 0.25 of its potential returns per unit of risk. Coeur Mining is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 616.00 in Coeur Mining on September 2, 2024 and sell it today you would earn a total of 47.00 from holding Coeur Mining or generate 7.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allianz Technology Trust vs. Coeur Mining
Performance |
| Timeline |
| Allianz Technology Trust |
| Coeur Mining |
Allianz Technology and Coeur Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianz Technology and Coeur Mining
The main advantage of trading using opposite Allianz Technology and Coeur Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianz Technology 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.| Allianz Technology vs. Toyota Motor Corp | Allianz Technology vs. SoftBank Group Corp | Allianz Technology vs. OTP Bank Nyrt | Allianz Technology vs. Las Vegas Sands |
| Coeur Mining vs. Uniper SE | Coeur Mining vs. Mulberry Group PLC | Coeur Mining vs. London Security Plc | Coeur Mining vs. Triad Group 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |