Correlation Between Harmony Gold and WALGREENS
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By analyzing existing cross correlation between Harmony Gold Mining and WALGREENS BOOTS ALLIANCE, you can compare the effects of market volatilities on Harmony Gold and WALGREENS 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 WALGREENS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and WALGREENS.
Diversification Opportunities for Harmony Gold and WALGREENS
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harmony and WALGREENS is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and WALGREENS BOOTS ALLIANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WALGREENS BOOTS ALLIANCE 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 WALGREENS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WALGREENS BOOTS ALLIANCE has no effect on the direction of Harmony Gold i.e., Harmony Gold and WALGREENS go up and down completely randomly.
Pair Corralation between Harmony Gold and WALGREENS
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 8.53 times more return on investment than WALGREENS. However, Harmony Gold is 8.53 times more volatile than WALGREENS BOOTS ALLIANCE. It trades about 0.11 of its potential returns per unit of risk. WALGREENS BOOTS ALLIANCE is currently generating about 0.0 per unit of risk. If you would invest 557.00 in Harmony Gold Mining on September 1, 2024 and sell it today you would earn a total of 393.00 from holding Harmony Gold Mining or generate 70.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 78.37% |
| Values | Daily Returns |
Harmony Gold Mining vs. WALGREENS BOOTS ALLIANCE
Performance |
| Timeline |
| Harmony Gold Mining |
| WALGREENS BOOTS ALLIANCE |
Harmony Gold and WALGREENS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and WALGREENS
The main advantage of trading using opposite Harmony Gold and WALGREENS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, WALGREENS 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 WALGREENS will offset losses from the drop in WALGREENS's long position.| Harmony Gold vs. Aurion Resources | Harmony Gold vs. Rio2 Limited | Harmony Gold vs. Palamina Corp | Harmony Gold vs. BTU Metals Corp |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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