Correlation Between Pesquera Exalmar and Sociedad Minera
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By analyzing existing cross correlation between Pesquera Exalmar SAA and Sociedad Minera el, you can compare the effects of market volatilities on Pesquera Exalmar and Sociedad Minera 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 Pesquera Exalmar with a short position of Sociedad Minera. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pesquera Exalmar and Sociedad Minera.
Diversification Opportunities for Pesquera Exalmar and Sociedad Minera
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pesquera and Sociedad is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Pesquera Exalmar SAA and Sociedad Minera el in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sociedad Minera el and Pesquera Exalmar 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 Pesquera Exalmar SAA are associated (or correlated) with Sociedad Minera. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sociedad Minera el has no effect on the direction of Pesquera Exalmar i.e., Pesquera Exalmar and Sociedad Minera go up and down completely randomly.
Pair Corralation between Pesquera Exalmar and Sociedad Minera
Assuming the 90 days trading horizon Pesquera Exalmar SAA is expected to generate 1.28 times more return on investment than Sociedad Minera. However, Pesquera Exalmar is 1.28 times more volatile than Sociedad Minera el. It trades about 0.29 of its potential returns per unit of risk. Sociedad Minera el is currently generating about 0.03 per unit of risk. If you would invest 174.00 in Pesquera Exalmar SAA on August 30, 2024 and sell it today you would earn a total of 76.00 from holding Pesquera Exalmar SAA or generate 43.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 60.87% |
| Values | Daily Returns |
Pesquera Exalmar SAA vs. Sociedad Minera el
Performance |
| Timeline |
| Pesquera Exalmar SAA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| Sociedad Minera el |
Pesquera Exalmar and Sociedad Minera Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pesquera Exalmar and Sociedad Minera
The main advantage of trading using opposite Pesquera Exalmar and Sociedad Minera positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pesquera Exalmar position performs unexpectedly, Sociedad Minera 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 Sociedad Minera will offset losses from the drop in Sociedad Minera's long position.| Pesquera Exalmar vs. InRetail Peru Corp | Pesquera Exalmar vs. Banco de Credito | Pesquera Exalmar vs. Bank of America |
| Sociedad Minera vs. Bank of America | Sociedad Minera vs. Citigroup | Sociedad Minera vs. Sociedad Minera Cerro |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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