Correlation Between Maritime Resources and Coeur Mining
Can any of the company-specific risk be diversified away by investing in both Maritime Resources and Coeur Mining at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Maritime Resources and Coeur Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maritime Resources Corp and Coeur Mining, you can compare the effects of market volatilities on Maritime Resources and Coeur Mining 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 Maritime Resources with a short position of Coeur Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maritime Resources and Coeur Mining.
Diversification Opportunities for Maritime Resources and Coeur Mining
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Maritime and Coeur is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Maritime Resources Corp and Coeur Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coeur Mining and Maritime Resources 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 Maritime Resources Corp are associated (or correlated) with Coeur Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coeur Mining has no effect on the direction of Maritime Resources i.e., Maritime Resources and Coeur Mining go up and down completely randomly.
Pair Corralation between Maritime Resources and Coeur Mining
Assuming the 90 days horizon Maritime Resources Corp is expected to under-perform the Coeur Mining. In addition to that, Maritime Resources is 1.87 times more volatile than Coeur Mining. It trades about -0.05 of its total potential returns per unit of risk. Coeur Mining is currently generating about 0.02 per unit of volatility. If you would invest 644.00 in Coeur Mining on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Coeur Mining or generate 0.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maritime Resources Corp vs. Coeur Mining
Performance |
| Timeline |
| Maritime Resources Corp |
| Coeur Mining |
Maritime Resources and Coeur Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maritime Resources and Coeur Mining
The main advantage of trading using opposite Maritime Resources and Coeur Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maritime Resources position performs unexpectedly, Coeur Mining 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 Coeur Mining will offset losses from the drop in Coeur Mining's long position.| Maritime Resources vs. Steppe Gold | Maritime Resources vs. Cerrado Gold | Maritime Resources vs. Aurion Resources | Maritime Resources vs. Sarama Resources |
| Coeur Mining vs. Equinox Gold Corp | Coeur Mining vs. B2Gold Corp | Coeur Mining vs. Sandstorm Gold Ltd | Coeur Mining vs. Pan American Silver |
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.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |