Correlation Between Harmony Gold and SIMON
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harmony Gold Mining and SIMON PPTY GROUP, you can compare the effects of market volatilities on Harmony Gold and SIMON 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 SIMON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and SIMON.
Diversification Opportunities for Harmony Gold and SIMON
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Harmony and SIMON is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and SIMON PPTY GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SIMON PPTY GROUP 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 SIMON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SIMON PPTY GROUP has no effect on the direction of Harmony Gold i.e., Harmony Gold and SIMON go up and down completely randomly.
Pair Corralation between Harmony Gold and SIMON
Considering the 90-day investment horizon Harmony Gold Mining is expected to generate 2.88 times more return on investment than SIMON. However, Harmony Gold is 2.88 times more volatile than SIMON PPTY GROUP. It trades about 0.0 of its potential returns per unit of risk. SIMON PPTY GROUP is currently generating about -0.13 per unit of risk. If you would invest 936.00 in Harmony Gold Mining on September 12, 2024 and sell it today you would lose (7.00) from holding Harmony Gold Mining or give up 0.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Harmony Gold Mining vs. SIMON PPTY GROUP
Performance |
| Timeline |
| Harmony Gold Mining |
| SIMON PPTY GROUP |
Harmony Gold and SIMON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and SIMON
The main advantage of trading using opposite Harmony Gold and SIMON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, SIMON 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 SIMON will offset losses from the drop in SIMON's long position.| Harmony Gold vs. AngloGold Ashanti plc | Harmony Gold vs. Eldorado Gold Corp | Harmony Gold vs. Kinross Gold | Harmony Gold vs. Pan American Silver |
| SIMON vs. AEP TEX INC | SIMON vs. US BANK NATIONAL | SIMON vs. Applied Blockchain | SIMON vs. BigBearai Holdings |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |