Correlation Between Harmony Gold and MUTHIN
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By analyzing existing cross correlation between Harmony Gold Mining and MUTHIN 7125 percent, you can compare the effects of market volatilities on Harmony Gold and MUTHIN 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 MUTHIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and MUTHIN.
Diversification Opportunities for Harmony Gold and MUTHIN
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harmony and MUTHIN is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and MUTHIN 7125 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUTHIN 7125 percent 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 MUTHIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUTHIN 7125 percent has no effect on the direction of Harmony Gold i.e., Harmony Gold and MUTHIN go up and down completely randomly.
Pair Corralation between Harmony Gold and MUTHIN
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 49.2 times more return on investment than MUTHIN. However, Harmony Gold is 49.2 times more volatile than MUTHIN 7125 percent. It trades about 0.22 of its potential returns per unit of risk. MUTHIN 7125 percent is currently generating about 0.74 per unit of risk. If you would invest 949.00 in Harmony Gold Mining on November 27, 2024 and sell it today you would earn a total of 251.00 from holding Harmony Gold Mining or generate 26.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 30.0% |
| Values | Daily Returns |
Harmony Gold Mining vs. MUTHIN 7125 percent
Performance |
| Timeline |
| Harmony Gold Mining |
| MUTHIN 7125 percent |
Harmony Gold and MUTHIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and MUTHIN
The main advantage of trading using opposite Harmony Gold and MUTHIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, MUTHIN 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 MUTHIN will offset losses from the drop in MUTHIN's long position.| Harmony Gold vs. The Joint Corp | Harmony Gold vs. Integral Ad Science | Harmony Gold vs. Magnite | Harmony Gold vs. Fluent Inc |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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