Correlation Between Harmony Gold and Sartorius Aktiengesellscha
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harmony Gold Mining and Sartorius Aktiengesellschaft, you can compare the effects of market volatilities on Harmony Gold and Sartorius Aktiengesellscha 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 Harmony Gold with a short position of Sartorius Aktiengesellscha. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and Sartorius Aktiengesellscha.
Diversification Opportunities for Harmony Gold and Sartorius Aktiengesellscha
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Harmony and Sartorius is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and Sartorius Aktiengesellschaft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sartorius Aktiengesellscha and Harmony Gold 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 Harmony Gold Mining are associated (or correlated) with Sartorius Aktiengesellscha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sartorius Aktiengesellscha has no effect on the direction of Harmony Gold i.e., Harmony Gold and Sartorius Aktiengesellscha go up and down completely randomly.
Pair Corralation between Harmony Gold and Sartorius Aktiengesellscha
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 1.14 times more return on investment than Sartorius Aktiengesellscha. However, Harmony Gold is 1.14 times more volatile than Sartorius Aktiengesellschaft. It trades about 0.07 of its potential returns per unit of risk. Sartorius Aktiengesellschaft is currently generating about -0.02 per unit of risk. If you would invest 319.00 in Harmony Gold Mining on September 3, 2024 and sell it today you would earn a total of 531.00 from holding Harmony Gold Mining or generate 166.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harmony Gold Mining vs. Sartorius Aktiengesellschaft
Performance |
| Timeline |
| Harmony Gold Mining |
| Sartorius Aktiengesellscha |
Harmony Gold and Sartorius Aktiengesellscha Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and Sartorius Aktiengesellscha
The main advantage of trading using opposite Harmony Gold and Sartorius Aktiengesellscha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, Sartorius Aktiengesellscha 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 Sartorius Aktiengesellscha will offset losses from the drop in Sartorius Aktiengesellscha's long position.| Harmony Gold vs. ZIJIN MINH UNSPADR20 | Harmony Gold vs. Barrick Gold | Harmony Gold vs. Superior Plus Corp | Harmony Gold vs. NMI Holdings |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |