Correlation Between McEwen Mining and FIBRA Storage
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By analyzing existing cross correlation between McEwen Mining and FIBRA Storage, you can compare the effects of market volatilities on McEwen Mining and FIBRA Storage 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 Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and FIBRA Storage.
Diversification Opportunities for McEwen Mining and FIBRA Storage
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between McEwen and FIBRA is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and FIBRA Storage in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIBRA Storage 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 Storage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIBRA Storage has no effect on the direction of McEwen Mining i.e., McEwen Mining and FIBRA Storage go up and down completely randomly.
Pair Corralation between McEwen Mining and FIBRA Storage
If you would invest 1,715 in FIBRA Storage on August 27, 2024 and sell it today you would earn a total of 34.00 from holding FIBRA Storage or generate 1.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.0% |
| Values | Daily Returns |
McEwen Mining vs. FIBRA Storage
Performance |
| Timeline |
| McEwen Mining |
| FIBRA Storage |
McEwen Mining and FIBRA Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with McEwen Mining and FIBRA Storage
The main advantage of trading using opposite McEwen Mining and FIBRA Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, FIBRA Storage 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 Storage will offset losses from the drop in FIBRA Storage's long position.| McEwen Mining vs. Rio Tinto Group | McEwen Mining vs. Vale SA | McEwen Mining vs. Glencore plc | McEwen Mining vs. Cleveland Cliffs |
| FIBRA Storage vs. Martin Marietta Materials | FIBRA Storage vs. DXC Technology | FIBRA Storage vs. Southwest Airlines | FIBRA Storage vs. Capital One Financial |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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