Correlation Between Harmony Gold and QUALCOMM
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By analyzing existing cross correlation between Harmony Gold Mining and QUALCOMM INC 48, you can compare the effects of market volatilities on Harmony Gold and QUALCOMM 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 QUALCOMM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and QUALCOMM.
Diversification Opportunities for Harmony Gold and QUALCOMM
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harmony and QUALCOMM is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and QUALCOMM INC 48 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on QUALCOMM INC 48 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 QUALCOMM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of QUALCOMM INC 48 has no effect on the direction of Harmony Gold i.e., Harmony Gold and QUALCOMM go up and down completely randomly.
Pair Corralation between Harmony Gold and QUALCOMM
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 4.57 times more return on investment than QUALCOMM. However, Harmony Gold is 4.57 times more volatile than QUALCOMM INC 48. It trades about 0.13 of its potential returns per unit of risk. QUALCOMM INC 48 is currently generating about 0.04 per unit of risk. If you would invest 391.00 in Harmony Gold Mining on September 12, 2024 and sell it today you would earn a total of 559.00 from holding Harmony Gold Mining or generate 142.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 54.1% |
| Values | Daily Returns |
Harmony Gold Mining vs. QUALCOMM INC 48
Performance |
| Timeline |
| Harmony Gold Mining |
| QUALCOMM INC 48 |
Harmony Gold and QUALCOMM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and QUALCOMM
The main advantage of trading using opposite Harmony Gold and QUALCOMM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, QUALCOMM 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 QUALCOMM will offset losses from the drop in QUALCOMM's long position.| Harmony Gold vs. Revival Gold | Harmony Gold vs. Galiano Gold | Harmony Gold vs. US Gold Corp | Harmony Gold vs. HUMANA INC |
| QUALCOMM vs. Evolution Mining | QUALCOMM vs. Cardinal Health | QUALCOMM vs. Pool Corporation | QUALCOMM vs. Harmony Gold Mining |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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