Correlation Between Endeavour Silver and Emera Maine
Can any of the company-specific risk be diversified away by investing in both Endeavour Silver and Emera Maine 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 Endeavour Silver and Emera Maine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Endeavour Silver Corp and Emera Maine PFD, you can compare the effects of market volatilities on Endeavour Silver and Emera Maine 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 Endeavour Silver with a short position of Emera Maine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Endeavour Silver and Emera Maine.
Diversification Opportunities for Endeavour Silver and Emera Maine
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Endeavour and Emera is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Endeavour Silver Corp and Emera Maine PFD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emera Maine PFD and Endeavour Silver 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 Endeavour Silver Corp are associated (or correlated) with Emera Maine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emera Maine PFD has no effect on the direction of Endeavour Silver i.e., Endeavour Silver and Emera Maine go up and down completely randomly.
Pair Corralation between Endeavour Silver and Emera Maine
If you would invest 293.00 in Endeavour Silver Corp on November 21, 2024 and sell it today you would earn a total of 102.00 from holding Endeavour Silver Corp or generate 34.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Endeavour Silver Corp vs. Emera Maine PFD
Performance |
| Timeline |
| Endeavour Silver Corp |
| Emera Maine PFD |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Endeavour Silver and Emera Maine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Endeavour Silver and Emera Maine
The main advantage of trading using opposite Endeavour Silver and Emera Maine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Endeavour Silver position performs unexpectedly, Emera Maine 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 Emera Maine will offset losses from the drop in Emera Maine's long position.| Endeavour Silver vs. McEwen Mining | Endeavour Silver vs. SilverCrest Metals | Endeavour Silver vs. Avino Silver Gold | Endeavour Silver vs. Compania de Minas |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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