Correlation Between Mulberry Group and Coeur Mining
Can any of the company-specific risk be diversified away by investing in both Mulberry Group 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 Mulberry Group and Coeur Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mulberry Group PLC and Coeur Mining, you can compare the effects of market volatilities on Mulberry Group 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 Mulberry Group with a short position of Coeur Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mulberry Group and Coeur Mining.
Diversification Opportunities for Mulberry Group and Coeur Mining
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Mulberry and Coeur is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Mulberry Group PLC and Coeur Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coeur Mining and Mulberry Group 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 Mulberry Group PLC 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 Mulberry Group i.e., Mulberry Group and Coeur Mining go up and down completely randomly.
Pair Corralation between Mulberry Group and Coeur Mining
Assuming the 90 days trading horizon Mulberry Group PLC is expected to under-perform the Coeur Mining. In addition to that, Mulberry Group is 1.11 times more volatile than Coeur Mining. It trades about -0.1 of its total potential returns per unit of risk. Coeur Mining is currently generating about 0.05 per unit of volatility. If you would invest 645.00 in Coeur Mining on September 1, 2024 and sell it today you would earn a total of 18.00 from holding Coeur Mining or generate 2.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mulberry Group PLC vs. Coeur Mining
Performance |
| Timeline |
| Mulberry Group PLC |
| Coeur Mining |
Mulberry Group and Coeur Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mulberry Group and Coeur Mining
The main advantage of trading using opposite Mulberry Group and Coeur Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mulberry Group 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.| Mulberry Group vs. Auto Trader Group | Mulberry Group vs. Diversified Energy | Mulberry Group vs. Air Products Chemicals | Mulberry Group vs. Lowland Investment Co |
| Coeur Mining vs. Uniper SE | Coeur Mining vs. Mulberry Group PLC | Coeur Mining vs. London Security Plc | Coeur Mining vs. Triad Group PLC |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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