Correlation Between Coeur Mining and CryoLife
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and CryoLife 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 CryoLife into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and CryoLife, you can compare the effects of market volatilities on Coeur Mining and CryoLife 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 CryoLife. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and CryoLife.
Diversification Opportunities for Coeur Mining and CryoLife
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Coeur and CryoLife is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and CryoLife in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CryoLife 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 CryoLife. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CryoLife has no effect on the direction of Coeur Mining i.e., Coeur Mining and CryoLife go up and down completely randomly.
Pair Corralation between Coeur Mining and CryoLife
Assuming the 90 days horizon Coeur Mining is expected to under-perform the CryoLife. But the stock apears to be less risky and, when comparing its historical volatility, Coeur Mining is 1.29 times less risky than CryoLife. The stock trades about -0.2 of its potential returns per unit of risk. The CryoLife is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 2,135 in CryoLife on January 13, 2025 and sell it today you would lose (45.00) from holding CryoLife or give up 2.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coeur Mining vs. CryoLife
Performance |
| Timeline |
| Coeur Mining |
| CryoLife |
Coeur Mining and CryoLife Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and CryoLife
The main advantage of trading using opposite Coeur Mining and CryoLife positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, CryoLife 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 CryoLife will offset losses from the drop in CryoLife's long position.| Coeur Mining vs. Moneysupermarket Group PLC | Coeur Mining vs. High Liner Foods | Coeur Mining vs. North American Construction | Coeur Mining vs. Hitachi Construction Machinery |
| CryoLife vs. TRADEGATE | CryoLife vs. Value Management Research | CryoLife vs. Platinum Investment Management | CryoLife vs. Indutrade AB |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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