Correlation Between Harmony Gold and 125896BN9
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By analyzing existing cross correlation between Harmony Gold Mining and CMS ENERGY P, you can compare the effects of market volatilities on Harmony Gold and 125896BN9 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 125896BN9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and 125896BN9.
Diversification Opportunities for Harmony Gold and 125896BN9
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harmony and 125896BN9 is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and CMS ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CMS ENERGY P 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 125896BN9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CMS ENERGY P has no effect on the direction of Harmony Gold i.e., Harmony Gold and 125896BN9 go up and down completely randomly.
Pair Corralation between Harmony Gold and 125896BN9
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 3.67 times more return on investment than 125896BN9. However, Harmony Gold is 3.67 times more volatile than CMS ENERGY P. It trades about 0.08 of its potential returns per unit of risk. CMS ENERGY P is currently generating about -0.04 per unit of risk. If you would invest 636.00 in Harmony Gold Mining on September 12, 2024 and sell it today you would earn a total of 314.00 from holding Harmony Gold Mining or generate 49.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 76.14% |
| Values | Daily Returns |
Harmony Gold Mining vs. CMS ENERGY P
Performance |
| Timeline |
| Harmony Gold Mining |
| CMS ENERGY P |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Harmony Gold and 125896BN9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and 125896BN9
The main advantage of trading using opposite Harmony Gold and 125896BN9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, 125896BN9 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 125896BN9 will offset losses from the drop in 125896BN9's long position.| Harmony Gold vs. Revival Gold | Harmony Gold vs. Galiano Gold | Harmony Gold vs. US Gold Corp | Harmony Gold vs. HUMANA INC |
| 125896BN9 vs. Xtant Medical Holdings | 125896BN9 vs. Sonida Senior Living | 125896BN9 vs. SkyWest | 125896BN9 vs. Air Transport Services |
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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