Correlation Between McEwen Mining and Grupo Profuturo
Specify exactly 2 symbols:
By analyzing existing cross correlation between McEwen Mining and Grupo Profuturo SAB, you can compare the effects of market volatilities on McEwen Mining and Grupo Profuturo 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 Grupo Profuturo. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and Grupo Profuturo.
Diversification Opportunities for McEwen Mining and Grupo Profuturo
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between McEwen and Grupo is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and Grupo Profuturo SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Profuturo SAB 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 Grupo Profuturo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Profuturo SAB has no effect on the direction of McEwen Mining i.e., McEwen Mining and Grupo Profuturo go up and down completely randomly.
Pair Corralation between McEwen Mining and Grupo Profuturo
Assuming the 90 days trading horizon McEwen Mining is expected to generate 2.15 times more return on investment than Grupo Profuturo. However, McEwen Mining is 2.15 times more volatile than Grupo Profuturo SAB. It trades about 0.13 of its potential returns per unit of risk. Grupo Profuturo SAB is currently generating about 0.06 per unit of risk. If you would invest 16,600 in McEwen Mining on September 12, 2024 and sell it today you would earn a total of 3,200 from holding McEwen Mining or generate 19.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
McEwen Mining vs. Grupo Profuturo SAB
Performance |
| Timeline |
| McEwen Mining |
| Grupo Profuturo SAB |
McEwen Mining and Grupo Profuturo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with McEwen Mining and Grupo Profuturo
The main advantage of trading using opposite McEwen Mining and Grupo Profuturo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, Grupo Profuturo 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 Grupo Profuturo will offset losses from the drop in Grupo Profuturo's long position.| McEwen Mining vs. Prudential Financial | McEwen Mining vs. Micron Technology | McEwen Mining vs. Grupo Sports World | McEwen Mining vs. New Oriental Education |
| Grupo Profuturo vs. CVS Health | Grupo Profuturo vs. Capital One Financial | Grupo Profuturo vs. Grupo Sports World | Grupo Profuturo vs. Lloyds Banking Group |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |