Correlation Between Harmony Gold and 04686JAE1
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By analyzing existing cross correlation between Harmony Gold Mining and ATH 345 15 MAY 52, you can compare the effects of market volatilities on Harmony Gold and 04686JAE1 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 04686JAE1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and 04686JAE1.
Diversification Opportunities for Harmony Gold and 04686JAE1
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harmony and 04686JAE1 is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and ATH 345 15 MAY 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATH 345 15 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 04686JAE1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATH 345 15 has no effect on the direction of Harmony Gold i.e., Harmony Gold and 04686JAE1 go up and down completely randomly.
Pair Corralation between Harmony Gold and 04686JAE1
Assuming the 90 days horizon Harmony Gold Mining is expected to under-perform the 04686JAE1. In addition to that, Harmony Gold is 2.22 times more volatile than ATH 345 15 MAY 52. It trades about -0.02 of its total potential returns per unit of risk. ATH 345 15 MAY 52 is currently generating about 0.0 per unit of volatility. If you would invest 6,741 in ATH 345 15 MAY 52 on September 3, 2024 and sell it today you would lose (73.00) from holding ATH 345 15 MAY 52 or give up 1.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 87.1% |
| Values | Daily Returns |
Harmony Gold Mining vs. ATH 345 15 MAY 52
Performance |
| Timeline |
| Harmony Gold Mining |
| ATH 345 15 |
Harmony Gold and 04686JAE1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and 04686JAE1
The main advantage of trading using opposite Harmony Gold and 04686JAE1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, 04686JAE1 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 04686JAE1 will offset losses from the drop in 04686JAE1's long position.| Harmony Gold vs. Harmony Gold Mining | Harmony Gold vs. SPACE | Harmony Gold vs. T Rowe Price | Harmony Gold vs. Ampleforth |
| 04686JAE1 vs. Harmony Gold Mining | 04686JAE1 vs. Ambev SA ADR | 04686JAE1 vs. Vindicator Silver Lead Mining | 04686JAE1 vs. Boston Beer |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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