Correlation Between McEwen Mining and Internacional
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By analyzing existing cross correlation between McEwen Mining and Internacional de Cermica, you can compare the effects of market volatilities on McEwen Mining and Internacional 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 Internacional. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and Internacional.
Diversification Opportunities for McEwen Mining and Internacional
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between McEwen and Internacional is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and Internacional de Cermica in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Internacional de Cermica 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 Internacional. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Internacional de Cermica has no effect on the direction of McEwen Mining i.e., McEwen Mining and Internacional go up and down completely randomly.
Pair Corralation between McEwen Mining and Internacional
Assuming the 90 days trading horizon McEwen Mining is expected to generate 42.66 times more return on investment than Internacional. However, McEwen Mining is 42.66 times more volatile than Internacional de Cermica. It trades about 0.07 of its potential returns per unit of risk. Internacional de Cermica is currently generating about 0.02 per unit of risk. If you would invest 7,500 in McEwen Mining on September 4, 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 | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
McEwen Mining vs. Internacional de Cermica
Performance |
| Timeline |
| McEwen Mining |
| Internacional de Cermica |
McEwen Mining and Internacional Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with McEwen Mining and Internacional
The main advantage of trading using opposite McEwen Mining and Internacional positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, Internacional 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 Internacional will offset losses from the drop in Internacional's long position.| McEwen Mining vs. Cognizant Technology Solutions | McEwen Mining vs. Costco Wholesale | McEwen Mining vs. Verizon Communications | McEwen Mining vs. Micron Technology |
| Internacional vs. DXC Technology | Internacional vs. McEwen Mining | Internacional vs. UnitedHealth Group Incorporated | Internacional vs. Verizon Communications |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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