Correlation Between Coeur Mining and Fiskars Oyj
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and Fiskars Oyj 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 Fiskars Oyj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and Fiskars Oyj Abp, you can compare the effects of market volatilities on Coeur Mining and Fiskars Oyj 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 Fiskars Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and Fiskars Oyj.
Diversification Opportunities for Coeur Mining and Fiskars Oyj
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Coeur and Fiskars is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and Fiskars Oyj Abp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fiskars Oyj Abp 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 Fiskars Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fiskars Oyj Abp has no effect on the direction of Coeur Mining i.e., Coeur Mining and Fiskars Oyj go up and down completely randomly.
Pair Corralation between Coeur Mining and Fiskars Oyj
Assuming the 90 days horizon Coeur Mining is expected to under-perform the Fiskars Oyj. But the stock apears to be less risky and, when comparing its historical volatility, Coeur Mining is 1.01 times less risky than Fiskars Oyj. The stock trades about -0.04 of its potential returns per unit of risk. The Fiskars Oyj Abp is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 1,631 in Fiskars Oyj Abp on September 14, 2024 and sell it today you would lose (225.00) from holding Fiskars Oyj Abp or give up 13.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coeur Mining vs. Fiskars Oyj Abp
Performance |
| Timeline |
| Coeur Mining |
| Fiskars Oyj Abp |
Coeur Mining and Fiskars Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and Fiskars Oyj
The main advantage of trading using opposite Coeur Mining and Fiskars Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, Fiskars Oyj 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 Fiskars Oyj will offset losses from the drop in Fiskars Oyj's long position.| Coeur Mining vs. Superior Plus Corp | Coeur Mining vs. SIVERS SEMICONDUCTORS AB | Coeur Mining vs. Reliance Steel Aluminum | Coeur Mining vs. CHINA HUARONG ENERHD 50 |
| Fiskars Oyj vs. Strategic Investments AS | Fiskars Oyj vs. AAC TECHNOLOGHLDGADR | Fiskars Oyj vs. PKSHA TECHNOLOGY INC | Fiskars Oyj vs. NetSol Technologies |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |