Correlation Between Evolution Mining and NEWFIELD
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By analyzing existing cross correlation between Evolution Mining and NEWFIELD EXPL 5375, you can compare the effects of market volatilities on Evolution Mining and NEWFIELD 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 Evolution Mining with a short position of NEWFIELD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evolution Mining and NEWFIELD.
Diversification Opportunities for Evolution Mining and NEWFIELD
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Evolution and NEWFIELD is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Evolution Mining and NEWFIELD EXPL 5375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEWFIELD EXPL 5375 and Evolution 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 Evolution Mining are associated (or correlated) with NEWFIELD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEWFIELD EXPL 5375 has no effect on the direction of Evolution Mining i.e., Evolution Mining and NEWFIELD go up and down completely randomly.
Pair Corralation between Evolution Mining and NEWFIELD
Assuming the 90 days horizon Evolution Mining is expected to generate 8.37 times more return on investment than NEWFIELD. However, Evolution Mining is 8.37 times more volatile than NEWFIELD EXPL 5375. It trades about 0.21 of its potential returns per unit of risk. NEWFIELD EXPL 5375 is currently generating about 0.11 per unit of risk. If you would invest 285.00 in Evolution Mining on September 13, 2024 and sell it today you would earn a total of 31.00 from holding Evolution Mining or generate 10.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Evolution Mining vs. NEWFIELD EXPL 5375
Performance |
| Timeline |
| Evolution Mining |
| NEWFIELD EXPL 5375 |
Evolution Mining and NEWFIELD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Evolution Mining and NEWFIELD
The main advantage of trading using opposite Evolution Mining and NEWFIELD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evolution Mining position performs unexpectedly, NEWFIELD 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 NEWFIELD will offset losses from the drop in NEWFIELD's long position.| Evolution Mining vs. Revival Gold | Evolution Mining vs. Galiano Gold | Evolution Mining vs. US Gold Corp | Evolution Mining vs. HUMANA INC |
| NEWFIELD vs. Diageo PLC ADR | NEWFIELD vs. Constellation Brands Class | NEWFIELD vs. Small Cap Premium | NEWFIELD vs. Molson Coors Brewing |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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