Correlation Between McEwen Mining and Mdica Sur
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By analyzing existing cross correlation between McEwen Mining and Mdica Sur SAB, you can compare the effects of market volatilities on McEwen Mining and Mdica Sur 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 Mdica Sur. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and Mdica Sur.
Diversification Opportunities for McEwen Mining and Mdica Sur
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between McEwen and Mdica is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and Mdica Sur SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mdica Sur 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 Mdica Sur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mdica Sur SAB has no effect on the direction of McEwen Mining i.e., McEwen Mining and Mdica Sur go up and down completely randomly.
Pair Corralation between McEwen Mining and Mdica Sur
Assuming the 90 days trading horizon McEwen Mining is expected to generate 4.8 times more return on investment than Mdica Sur. However, McEwen Mining is 4.8 times more volatile than Mdica Sur SAB. It trades about 0.07 of its potential returns per unit of risk. Mdica Sur SAB is currently generating about -0.04 per unit of risk. If you would invest 7,500 in McEwen Mining on September 5, 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 | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
McEwen Mining vs. Mdica Sur SAB
Performance |
| Timeline |
| McEwen Mining |
| Mdica Sur SAB |
McEwen Mining and Mdica Sur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with McEwen Mining and Mdica Sur
The main advantage of trading using opposite McEwen Mining and Mdica Sur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, Mdica Sur 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 Mdica Sur will offset losses from the drop in Mdica Sur's long position.| McEwen Mining vs. Costco Wholesale | McEwen Mining vs. FIBRA Storage | McEwen Mining vs. DXC Technology | McEwen Mining vs. Micron Technology |
| Mdica Sur vs. Visa Inc | Mdica Sur vs. Desarrolladora Homex SAB | Mdica Sur vs. Tesla Inc | Mdica Sur vs. G Collado SAB |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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