Correlation Between Harmony Gold and 06738EBW4
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By analyzing existing cross correlation between Harmony Gold Mining and BACR 333 24 NOV 42, you can compare the effects of market volatilities on Harmony Gold and 06738EBW4 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 06738EBW4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and 06738EBW4.
Diversification Opportunities for Harmony Gold and 06738EBW4
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Harmony and 06738EBW4 is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and BACR 333 24 NOV 42 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BACR 333 24 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 06738EBW4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BACR 333 24 has no effect on the direction of Harmony Gold i.e., Harmony Gold and 06738EBW4 go up and down completely randomly.
Pair Corralation between Harmony Gold and 06738EBW4
Considering the 90-day investment horizon Harmony Gold Mining is expected to generate 2.77 times more return on investment than 06738EBW4. However, Harmony Gold is 2.77 times more volatile than BACR 333 24 NOV 42. It trades about 0.08 of its potential returns per unit of risk. BACR 333 24 NOV 42 is currently generating about 0.02 per unit of risk. If you would invest 329.00 in Harmony Gold Mining on September 2, 2024 and sell it today you would earn a total of 590.00 from holding Harmony Gold Mining or generate 179.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 75.6% |
| Values | Daily Returns |
Harmony Gold Mining vs. BACR 333 24 NOV 42
Performance |
| Timeline |
| Harmony Gold Mining |
| BACR 333 24 |
Harmony Gold and 06738EBW4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and 06738EBW4
The main advantage of trading using opposite Harmony Gold and 06738EBW4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, 06738EBW4 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 06738EBW4 will offset losses from the drop in 06738EBW4's long position.| Harmony Gold vs. Fortitude Gold Corp | Harmony Gold vs. New Gold | Harmony Gold vs. Galiano Gold | Harmony Gold vs. GoldMining |
| 06738EBW4 vs. Qualys Inc | 06738EBW4 vs. Harmony Gold Mining | 06738EBW4 vs. Minerals Technologies | 06738EBW4 vs. Asure Software |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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