Correlation Between Perseus Mining and Hugo Boss
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By analyzing existing cross correlation between Perseus Mining Limited and Hugo Boss AG, you can compare the effects of market volatilities on Perseus Mining and Hugo Boss 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 Perseus Mining with a short position of Hugo Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and Hugo Boss.
Diversification Opportunities for Perseus Mining and Hugo Boss
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Perseus and Hugo is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and Hugo Boss AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hugo Boss AG and Perseus 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 Perseus Mining Limited are associated (or correlated) with Hugo Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hugo Boss AG has no effect on the direction of Perseus Mining i.e., Perseus Mining and Hugo Boss go up and down completely randomly.
Pair Corralation between Perseus Mining and Hugo Boss
Assuming the 90 days horizon Perseus Mining Limited is expected to under-perform the Hugo Boss. But the stock apears to be less risky and, when comparing its historical volatility, Perseus Mining Limited is 1.6 times less risky than Hugo Boss. The stock trades about -0.01 of its potential returns per unit of risk. The Hugo Boss AG is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 4,215 in Hugo Boss AG on October 26, 2024 and sell it today you would earn a total of 174.00 from holding Hugo Boss AG or generate 4.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.33% |
| Values | Daily Returns |
Perseus Mining Limited vs. Hugo Boss AG
Performance |
| Timeline |
| Perseus Mining |
| Hugo Boss AG |
Perseus Mining and Hugo Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and Hugo Boss
The main advantage of trading using opposite Perseus Mining and Hugo Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining position performs unexpectedly, Hugo Boss 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 Hugo Boss will offset losses from the drop in Hugo Boss' long position.| Perseus Mining vs. Xenia Hotels Resorts | Perseus Mining vs. Meli Hotels International | Perseus Mining vs. INTERCONT HOTELS | Perseus Mining vs. Pebblebrook Hotel Trust |
| Hugo Boss vs. TITANIUM TRANSPORTGROUP | Hugo Boss vs. SPORT LISBOA E | Hugo Boss vs. NTG Nordic Transport | Hugo Boss vs. Gold Road Resources |
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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