Correlation Between Hammerson PLC and Coronation Global
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By analyzing existing cross correlation between Hammerson PLC and Coronation Global Equity, you can compare the effects of market volatilities on Hammerson PLC and Coronation Global 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 Hammerson PLC with a short position of Coronation Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hammerson PLC and Coronation Global.
Diversification Opportunities for Hammerson PLC and Coronation Global
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hammerson and Coronation is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Hammerson PLC and Coronation Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coronation Global Equity and Hammerson PLC 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 Hammerson PLC are associated (or correlated) with Coronation Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coronation Global Equity has no effect on the direction of Hammerson PLC i.e., Hammerson PLC and Coronation Global go up and down completely randomly.
Pair Corralation between Hammerson PLC and Coronation Global
Assuming the 90 days trading horizon Hammerson PLC is expected to under-perform the Coronation Global. But the stock apears to be less risky and, when comparing its historical volatility, Hammerson PLC is 1.48 times less risky than Coronation Global. The stock trades about -0.06 of its potential returns per unit of risk. The Coronation Global Equity is currently generating about 0.45 of returns per unit of risk over similar time horizon. If you would invest 231.00 in Coronation Global Equity on September 4, 2024 and sell it today you would earn a total of 33.00 from holding Coronation Global Equity or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hammerson PLC vs. Coronation Global Equity
Performance |
| Timeline |
| Hammerson PLC |
| Coronation Global Equity |
Hammerson PLC and Coronation Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hammerson PLC and Coronation Global
The main advantage of trading using opposite Hammerson PLC and Coronation Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hammerson PLC position performs unexpectedly, Coronation Global 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 Coronation Global will offset losses from the drop in Coronation Global's long position.| Hammerson PLC vs. Resilient Property Income | Hammerson PLC vs. Vukile Property | Hammerson PLC vs. Sasol Ltd Bee | Hammerson PLC vs. Centaur Bci Balanced |
| Coronation Global vs. Sasol Ltd Bee | Coronation Global vs. Centaur Bci Balanced | Coronation Global vs. Sabvest Capital | Coronation Global vs. Growthpoint Properties |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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