Correlation Between Harmony Gold and GENERAL
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By analyzing existing cross correlation between Harmony Gold Mining and GENERAL MTRS FINL, you can compare the effects of market volatilities on Harmony Gold and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and GENERAL.
Diversification Opportunities for Harmony Gold and GENERAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Harmony and GENERAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and GENERAL MTRS FINL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL MTRS FINL 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL MTRS FINL has no effect on the direction of Harmony Gold i.e., Harmony Gold and GENERAL go up and down completely randomly.
Pair Corralation between Harmony Gold and GENERAL
If you would invest 0.00 in GENERAL MTRS FINL on October 9, 2024 and sell it today you would earn a total of 0.00 from holding GENERAL MTRS FINL or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Harmony Gold Mining vs. GENERAL MTRS FINL
Performance |
| Timeline |
| Harmony Gold Mining |
| GENERAL MTRS FINL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Harmony Gold and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and GENERAL
The main advantage of trading using opposite Harmony Gold and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Harmony Gold vs. Kenon Holdings | Harmony Gold vs. Transportadora de Gas | Harmony Gold vs. CenterPoint Energy | Harmony Gold vs. Consol Energy |
| GENERAL vs. Mediag3 | GENERAL vs. Naked Wines plc | GENERAL vs. National CineMedia | GENERAL vs. Primo Brands |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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