Correlation Between G Collado and McEwen Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between G Collado SAB and McEwen Mining, you can compare the effects of market volatilities on G Collado and McEwen Mining 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 G Collado with a short position of McEwen Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Collado and McEwen Mining.
Diversification Opportunities for G Collado and McEwen Mining
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between COLLADO and McEwen is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding G Collado SAB and McEwen Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on McEwen Mining and G Collado 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 G Collado SAB are associated (or correlated) with McEwen Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of McEwen Mining has no effect on the direction of G Collado i.e., G Collado and McEwen Mining go up and down completely randomly.
Pair Corralation between G Collado and McEwen Mining
Assuming the 90 days trading horizon G Collado SAB is expected to under-perform the McEwen Mining. But the stock apears to be less risky and, when comparing its historical volatility, G Collado SAB is 26.62 times less risky than McEwen Mining. The stock trades about -0.01 of its potential returns per unit of risk. The McEwen Mining is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 7,500 in McEwen Mining on September 4, 2024 and sell it today you would earn a total of 12,300 from holding McEwen Mining or generate 164.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G Collado SAB vs. McEwen Mining
Performance |
| Timeline |
| G Collado SAB |
| McEwen Mining |
G Collado and McEwen Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Collado and McEwen Mining
The main advantage of trading using opposite G Collado and McEwen Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Collado position performs unexpectedly, McEwen Mining 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 McEwen Mining will offset losses from the drop in McEwen Mining's long position.| G Collado vs. Sony Group | G Collado vs. Banco Actinver SA | G Collado vs. Citigroup | G Collado vs. JPMorgan Chase Co |
| McEwen Mining vs. Cognizant Technology Solutions | McEwen Mining vs. Costco Wholesale | McEwen Mining vs. Verizon Communications | McEwen Mining vs. Micron Technology |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |