Correlation Between MC Mining and Allan Gray
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By analyzing existing cross correlation between MC Mining and Allan Gray Equity, you can compare the effects of market volatilities on MC Mining and Allan Gray 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 MC Mining with a short position of Allan Gray. Check out your portfolio center. Please also check ongoing floating volatility patterns of MC Mining and Allan Gray.
Diversification Opportunities for MC Mining and Allan Gray
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MCZ and Allan is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding MC Mining and Allan Gray Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allan Gray Equity and MC Mining 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 MC Mining are associated (or correlated) with Allan Gray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allan Gray Equity has no effect on the direction of MC Mining i.e., MC Mining and Allan Gray go up and down completely randomly.
Pair Corralation between MC Mining and Allan Gray
Assuming the 90 days trading horizon MC Mining is expected to generate 8.67 times more return on investment than Allan Gray. However, MC Mining is 8.67 times more volatile than Allan Gray Equity. It trades about 0.01 of its potential returns per unit of risk. Allan Gray Equity is currently generating about 0.1 per unit of risk. If you would invest 17,000 in MC Mining on September 4, 2024 and sell it today you would lose (2,500) from holding MC Mining or give up 14.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.18% |
| Values | Daily Returns |
MC Mining vs. Allan Gray Equity
Performance |
| Timeline |
| MC Mining |
| Allan Gray Equity |
MC Mining and Allan Gray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MC Mining and Allan Gray
The main advantage of trading using opposite MC Mining and Allan Gray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MC Mining position performs unexpectedly, Allan Gray 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 Allan Gray will offset losses from the drop in Allan Gray's long position.| MC Mining vs. Sasol Ltd Bee | MC Mining vs. Centaur Bci Balanced | MC Mining vs. Growthpoint Properties | MC Mining vs. Coronation Global Equity |
| Allan Gray vs. Sasol Ltd Bee | Allan Gray vs. Centaur Bci Balanced | Allan Gray vs. Sabvest Capital | Allan Gray 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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