Correlation Between Harmony Gold and Graham
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By analyzing existing cross correlation between Harmony Gold Mining and Graham Holdings 575, you can compare the effects of market volatilities on Harmony Gold and Graham 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 Graham. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and Graham.
Diversification Opportunities for Harmony Gold and Graham
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harmony and Graham is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and Graham Holdings 575 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Graham Holdings 575 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 Graham. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Graham Holdings 575 has no effect on the direction of Harmony Gold i.e., Harmony Gold and Graham go up and down completely randomly.
Pair Corralation between Harmony Gold and Graham
Considering the 90-day investment horizon Harmony Gold Mining is expected to under-perform the Graham. In addition to that, Harmony Gold is 17.43 times more volatile than Graham Holdings 575. It trades about -0.18 of its total potential returns per unit of risk. Graham Holdings 575 is currently generating about -0.21 per unit of volatility. If you would invest 9,994 in Graham Holdings 575 on September 2, 2024 and sell it today you would lose (45.00) from holding Graham Holdings 575 or give up 0.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 52.38% |
| Values | Daily Returns |
Harmony Gold Mining vs. Graham Holdings 575
Performance |
| Timeline |
| Harmony Gold Mining |
| Graham Holdings 575 |
Harmony Gold and Graham Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and Graham
The main advantage of trading using opposite Harmony Gold and Graham positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, Graham 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 Graham will offset losses from the drop in Graham's long position.| Harmony Gold vs. Fortitude Gold Corp | Harmony Gold vs. New Gold | Harmony Gold vs. Galiano Gold | Harmony Gold vs. GoldMining |
| Graham vs. Harmony Gold Mining | Graham vs. Parker Hannifin | Graham vs. Village Super Market | Graham vs. GMS Inc |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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