Correlation Between Harmony Gold and 606822CB8
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By analyzing existing cross correlation between Harmony Gold Mining and MUFG 2494 13 OCT 32, you can compare the effects of market volatilities on Harmony Gold and 606822CB8 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 606822CB8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and 606822CB8.
Diversification Opportunities for Harmony Gold and 606822CB8
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harmony and 606822CB8 is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and MUFG 2494 13 OCT 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUFG 2494 13 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 606822CB8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUFG 2494 13 has no effect on the direction of Harmony Gold i.e., Harmony Gold and 606822CB8 go up and down completely randomly.
Pair Corralation between Harmony Gold and 606822CB8
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 4.33 times more return on investment than 606822CB8. However, Harmony Gold is 4.33 times more volatile than MUFG 2494 13 OCT 32. It trades about 0.1 of its potential returns per unit of risk. MUFG 2494 13 OCT 32 is currently generating about 0.01 per unit of risk. If you would invest 475.00 in Harmony Gold Mining on August 31, 2024 and sell it today you would earn a total of 475.00 from holding Harmony Gold Mining or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.54% |
| Values | Daily Returns |
Harmony Gold Mining vs. MUFG 2494 13 OCT 32
Performance |
| Timeline |
| Harmony Gold Mining |
| MUFG 2494 13 |
Harmony Gold and 606822CB8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and 606822CB8
The main advantage of trading using opposite Harmony Gold and 606822CB8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, 606822CB8 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 606822CB8 will offset losses from the drop in 606822CB8's long position.| Harmony Gold vs. Aurion Resources | Harmony Gold vs. Rio2 Limited | Harmony Gold vs. Palamina Corp | Harmony Gold vs. BTU Metals Corp |
| 606822CB8 vs. Alliant Energy Corp | 606822CB8 vs. CenterPoint Energy | 606822CB8 vs. Plexus Corp | 606822CB8 vs. Iridium Communications |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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