Correlation Between Harmony Gold and Nasdaq Benchmark
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By analyzing existing cross correlation between Harmony Gold Mining and Nasdaq Benchmark Energy, you can compare the effects of market volatilities on Harmony Gold and Nasdaq Benchmark 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 Nasdaq Benchmark. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and Nasdaq Benchmark.
Diversification Opportunities for Harmony Gold and Nasdaq Benchmark
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Harmony and Nasdaq is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and Nasdaq Benchmark Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq Benchmark Energy 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 Nasdaq Benchmark. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq Benchmark Energy has no effect on the direction of Harmony Gold i.e., Harmony Gold and Nasdaq Benchmark go up and down completely randomly.
Pair Corralation between Harmony Gold and Nasdaq Benchmark
Assuming the 90 days horizon Harmony Gold Mining is expected to under-perform the Nasdaq Benchmark. In addition to that, Harmony Gold is 4.36 times more volatile than Nasdaq Benchmark Energy. It trades about -0.22 of its total potential returns per unit of risk. Nasdaq Benchmark Energy is currently generating about -0.52 per unit of volatility. If you would invest 127,480 in Nasdaq Benchmark Energy on September 19, 2024 and sell it today you would lose (14,547) from holding Nasdaq Benchmark Energy or give up 11.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Harmony Gold Mining vs. Nasdaq Benchmark Energy
Performance |
| Timeline |
Harmony Gold and Nasdaq Benchmark Volatility Contrast
Predicted Return Density |
| Returns |
Harmony Gold Mining
Pair trading matchups for Harmony Gold
Nasdaq Benchmark Energy
Pair trading matchups for Nasdaq Benchmark
Pair Trading with Harmony Gold and Nasdaq Benchmark
The main advantage of trading using opposite Harmony Gold and Nasdaq Benchmark positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, Nasdaq Benchmark 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 Nasdaq Benchmark will offset losses from the drop in Nasdaq Benchmark's long position.| Harmony Gold vs. Delek Logistics Partners | Harmony Gold vs. Nexstar Broadcasting Group | Harmony Gold vs. Afya | Harmony Gold vs. Sun Country Airlines |
| Nasdaq Benchmark vs. JBG SMITH Properties | Nasdaq Benchmark vs. Summit Materials | Nasdaq Benchmark vs. Harmony Gold Mining | Nasdaq Benchmark vs. Analog Devices |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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