Correlation Between McEwen Mining and Corporacin Actinver
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By analyzing existing cross correlation between McEwen Mining and Corporacin Actinver S, you can compare the effects of market volatilities on McEwen Mining and Corporacin Actinver 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 McEwen Mining with a short position of Corporacin Actinver. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and Corporacin Actinver.
Diversification Opportunities for McEwen Mining and Corporacin Actinver
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between McEwen and Corporacin is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and Corporacin Actinver S in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Corporacin Actinver and McEwen 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 McEwen Mining are associated (or correlated) with Corporacin Actinver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Corporacin Actinver has no effect on the direction of McEwen Mining i.e., McEwen Mining and Corporacin Actinver go up and down completely randomly.
Pair Corralation between McEwen Mining and Corporacin Actinver
Assuming the 90 days trading horizon McEwen Mining is expected to generate 6.16 times more return on investment than Corporacin Actinver. However, McEwen Mining is 6.16 times more volatile than Corporacin Actinver S. It trades about 0.05 of its potential returns per unit of risk. Corporacin Actinver S is currently generating about 0.09 per unit of risk. If you would invest 7,500 in McEwen Mining on September 2, 2024 and sell it today you would earn a total of 12,300 from holding McEwen Mining or generate 164.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.4% |
| Values | Daily Returns |
McEwen Mining vs. Corporacin Actinver S
Performance |
| Timeline |
| McEwen Mining |
| Corporacin Actinver |
McEwen Mining and Corporacin Actinver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with McEwen Mining and Corporacin Actinver
The main advantage of trading using opposite McEwen Mining and Corporacin Actinver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, Corporacin Actinver 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 Corporacin Actinver will offset losses from the drop in Corporacin Actinver's long position.| McEwen Mining vs. Prudential Financial | McEwen Mining vs. FIBRA Storage | McEwen Mining vs. Ameriprise Financial | McEwen Mining vs. KB Home |
| Corporacin Actinver vs. Verizon Communications | Corporacin Actinver vs. McEwen Mining | Corporacin Actinver vs. Lloyds Banking Group | Corporacin Actinver vs. Cognizant Technology Solutions |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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