Correlation Between Harmony Gold and Allied Healthcare
Can any of the company-specific risk be diversified away by investing in both Harmony Gold and Allied Healthcare 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 Harmony Gold and Allied Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Harmony Gold Mining and Allied Healthcare Products, you can compare the effects of market volatilities on Harmony Gold and Allied Healthcare 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 Allied Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and Allied Healthcare.
Diversification Opportunities for Harmony Gold and Allied Healthcare
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Harmony and Allied is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and Allied Healthcare Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allied Healthcare 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 Allied Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allied Healthcare has no effect on the direction of Harmony Gold i.e., Harmony Gold and Allied Healthcare go up and down completely randomly.
Pair Corralation between Harmony Gold and Allied Healthcare
If you would invest 950.00 in Harmony Gold Mining on October 21, 2024 and sell it today you would lose (1.00) from holding Harmony Gold Mining or give up 0.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Harmony Gold Mining vs. Allied Healthcare Products
Performance |
| Timeline |
| Harmony Gold Mining |
| Allied Healthcare |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Harmony Gold and Allied Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and Allied Healthcare
The main advantage of trading using opposite Harmony Gold and Allied Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, Allied Healthcare 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 Allied Healthcare will offset losses from the drop in Allied Healthcare's long position.| Harmony Gold vs. Marimaca Copper Corp | Harmony Gold vs. Sea | Harmony Gold vs. Cardinal Health | Harmony Gold vs. Zijin Mining Group |
| Allied Healthcare vs. Senmiao Technology | Allied Healthcare vs. Harmony Gold Mining | Allied Healthcare vs. Black Mammoth Metals | Allied Healthcare vs. Marimaca Copper Corp |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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