Correlation Between Perseus Mining and BOEING
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By analyzing existing cross correlation between Perseus Mining Limited and BOEING CO, you can compare the effects of market volatilities on Perseus Mining and BOEING 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 BOEING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and BOEING.
Diversification Opportunities for Perseus Mining and BOEING
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Perseus and BOEING is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and BOEING CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOEING CO 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 BOEING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOEING CO has no effect on the direction of Perseus Mining i.e., Perseus Mining and BOEING go up and down completely randomly.
Pair Corralation between Perseus Mining and BOEING
Assuming the 90 days horizon Perseus Mining Limited is expected to generate 2.16 times more return on investment than BOEING. However, Perseus Mining is 2.16 times more volatile than BOEING CO. It trades about 0.07 of its potential returns per unit of risk. BOEING CO is currently generating about 0.03 per unit of risk. If you would invest 101.00 in Perseus Mining Limited on September 12, 2024 and sell it today you would earn a total of 73.00 from holding Perseus Mining Limited or generate 72.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.77% |
| Values | Daily Returns |
Perseus Mining Limited vs. BOEING CO
Performance |
| Timeline |
| Perseus Mining |
| BOEING CO |
Perseus Mining and BOEING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and BOEING
The main advantage of trading using opposite Perseus Mining and BOEING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining position performs unexpectedly, BOEING 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 BOEING will offset losses from the drop in BOEING's long position.| Perseus Mining vs. Revival Gold | Perseus Mining vs. Galiano Gold | Perseus Mining vs. US Gold Corp | Perseus Mining vs. HUMANA INC |
| BOEING vs. Perseus Mining Limited | BOEING vs. Summit Materials | BOEING vs. Canlan Ice Sports | BOEING vs. Delek Logistics Partners |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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