Correlation Between McEwen Mining and Fibra Plus
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By analyzing existing cross correlation between McEwen Mining and Fibra Plus, you can compare the effects of market volatilities on McEwen Mining and Fibra Plus 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 Fibra Plus. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and Fibra Plus.
Diversification Opportunities for McEwen Mining and Fibra Plus
-0.88 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between McEwen and Fibra is -0.88. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and Fibra Plus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fibra Plus 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 Fibra Plus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fibra Plus has no effect on the direction of McEwen Mining i.e., McEwen Mining and Fibra Plus go up and down completely randomly.
Pair Corralation between McEwen Mining and Fibra Plus
Assuming the 90 days trading horizon McEwen Mining is expected to generate 2.95 times more return on investment than Fibra Plus. However, McEwen Mining is 2.95 times more volatile than Fibra Plus. It trades about 0.08 of its potential returns per unit of risk. Fibra Plus is currently generating about -0.02 per unit of risk. If you would invest 7,500 in McEwen Mining on August 27, 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 Against |
| Strength | Significant |
| Accuracy | 99.46% |
| Values | Daily Returns |
McEwen Mining vs. Fibra Plus
Performance |
| Timeline |
| McEwen Mining |
| Fibra Plus |
McEwen Mining and Fibra Plus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with McEwen Mining and Fibra Plus
The main advantage of trading using opposite McEwen Mining and Fibra Plus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, Fibra Plus 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 Fibra Plus will offset losses from the drop in Fibra Plus' long position.| McEwen Mining vs. Genworth Financial | McEwen Mining vs. CVS Health | McEwen Mining vs. Deutsche Bank Aktiengesellschaft | McEwen Mining vs. FIBRA Storage |
| Fibra Plus vs. McEwen Mining | Fibra Plus vs. New Oriental Education | Fibra Plus vs. Costco Wholesale | Fibra Plus vs. Micron Technology |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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