Correlation Between Coeur Mining and MongoDB
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and MongoDB 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 MongoDB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and MongoDB, you can compare the effects of market volatilities on Coeur Mining and MongoDB 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 MongoDB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and MongoDB.
Diversification Opportunities for Coeur Mining and MongoDB
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Coeur and MongoDB is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and MongoDB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MongoDB 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 MongoDB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MongoDB has no effect on the direction of Coeur Mining i.e., Coeur Mining and MongoDB go up and down completely randomly.
Pair Corralation between Coeur Mining and MongoDB
Assuming the 90 days horizon Coeur Mining is expected to under-perform the MongoDB. But the stock apears to be less risky and, when comparing its historical volatility, Coeur Mining is 2.62 times less risky than MongoDB. The stock trades about -0.05 of its potential returns per unit of risk. The MongoDB is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 20,375 in MongoDB on November 7, 2024 and sell it today you would earn a total of 6,140 from holding MongoDB or generate 30.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coeur Mining vs. MongoDB
Performance |
| Timeline |
| Coeur Mining |
| MongoDB |
Coeur Mining and MongoDB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and MongoDB
The main advantage of trading using opposite Coeur Mining and MongoDB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, MongoDB 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 MongoDB will offset losses from the drop in MongoDB's long position.| Coeur Mining vs. De Grey Mining | Coeur Mining vs. East Africa Metals | Coeur Mining vs. ADRIATIC METALS LS 013355 | Coeur Mining vs. MAGNUM MINING EXP |
| MongoDB vs. DICKER DATA LTD | MongoDB vs. Sanyo Chemical Industries | MongoDB vs. INDO RAMA SYNTHETIC | MongoDB vs. TERADATA |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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