Correlation Between Coeur Mining and Sixt Leasing
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and Sixt Leasing 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 Sixt Leasing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and Sixt Leasing SE, you can compare the effects of market volatilities on Coeur Mining and Sixt Leasing 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 Sixt Leasing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and Sixt Leasing.
Diversification Opportunities for Coeur Mining and Sixt Leasing
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Coeur and Sixt is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and Sixt Leasing SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt Leasing SE 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 Sixt Leasing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sixt Leasing SE has no effect on the direction of Coeur Mining i.e., Coeur Mining and Sixt Leasing go up and down completely randomly.
Pair Corralation between Coeur Mining and Sixt Leasing
Assuming the 90 days horizon Coeur Mining is expected to generate 0.43 times more return on investment than Sixt Leasing. However, Coeur Mining is 2.3 times less risky than Sixt Leasing. It trades about 0.06 of its potential returns per unit of risk. Sixt Leasing SE is currently generating about -0.13 per unit of risk. If you would invest 358.00 in Coeur Mining on September 1, 2024 and sell it today you would earn a total of 4.00 from holding Coeur Mining or generate 1.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coeur Mining vs. Sixt Leasing SE
Performance |
| Timeline |
| Coeur Mining |
| Sixt Leasing SE |
Coeur Mining and Sixt Leasing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and Sixt Leasing
The main advantage of trading using opposite Coeur Mining and Sixt Leasing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, Sixt Leasing 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 Sixt Leasing will offset losses from the drop in Sixt Leasing's long position.| Coeur Mining vs. China Overseas Land | Coeur Mining vs. Longfor Group Holdings | Coeur Mining vs. Mitsui Fudosan Co | Coeur Mining vs. Mitsubishi Estate Co |
| Sixt Leasing vs. Apple Inc | Sixt Leasing vs. Apple Inc | Sixt Leasing vs. Apple Inc | Sixt Leasing vs. Apple Inc |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |