Correlation Between Coeur Mining and Public Storage
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and Public Storage 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 Public Storage into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and Public Storage, you can compare the effects of market volatilities on Coeur Mining and Public Storage 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 Public Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and Public Storage.
Diversification Opportunities for Coeur Mining and Public Storage
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Coeur and Public is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and Public Storage in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Public Storage 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 Public Storage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Public Storage has no effect on the direction of Coeur Mining i.e., Coeur Mining and Public Storage go up and down completely randomly.
Pair Corralation between Coeur Mining and Public Storage
Assuming the 90 days horizon Coeur Mining is expected to generate 0.42 times more return on investment than Public Storage. However, Coeur Mining is 2.37 times less risky than Public Storage. It trades about -0.04 of its potential returns per unit of risk. Public Storage is currently generating about -0.05 per unit of risk. If you would invest 356.00 in Coeur Mining on October 29, 2024 and sell it today you would lose (2.00) from holding Coeur Mining or give up 0.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coeur Mining vs. Public Storage
Performance |
| Timeline |
| Coeur Mining |
| Public Storage |
Coeur Mining and Public Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and Public Storage
The main advantage of trading using opposite Coeur Mining and Public Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, Public Storage 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 Public Storage will offset losses from the drop in Public Storage's long position.| Coeur Mining vs. LANDSEA GREEN MANAGEMENT | Coeur Mining vs. CEOTRONICS | Coeur Mining vs. Cleanaway Waste Management | Coeur Mining vs. CeoTronics AG |
| Public Storage vs. SEGRO Plc | Public Storage vs. STAG Industrial | Public Storage vs. NIPPON PROLOGIS REIT |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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