Correlation Between Perseus Mining and EXXON
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By analyzing existing cross correlation between Perseus Mining Limited and EXXON MOBIL P, you can compare the effects of market volatilities on Perseus Mining and EXXON 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 EXXON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and EXXON.
Diversification Opportunities for Perseus Mining and EXXON
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Perseus and EXXON is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and EXXON MOBIL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXXON MOBIL P 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 EXXON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXXON MOBIL P has no effect on the direction of Perseus Mining i.e., Perseus Mining and EXXON go up and down completely randomly.
Pair Corralation between Perseus Mining and EXXON
Assuming the 90 days horizon Perseus Mining is expected to generate 68.34 times less return on investment than EXXON. But when comparing it to its historical volatility, Perseus Mining Limited is 25.74 times less risky than EXXON. It trades about 0.03 of its potential returns per unit of risk. EXXON MOBIL P is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,141 in EXXON MOBIL P on September 12, 2024 and sell it today you would lose (28.00) from holding EXXON MOBIL P or give up 0.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.84% |
| Values | Daily Returns |
Perseus Mining Limited vs. EXXON MOBIL P
Performance |
| Timeline |
| Perseus Mining |
| EXXON MOBIL P |
Perseus Mining and EXXON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and EXXON
The main advantage of trading using opposite Perseus Mining and EXXON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining position performs unexpectedly, EXXON 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 EXXON will offset losses from the drop in EXXON's long position.| Perseus Mining vs. Revival Gold | Perseus Mining vs. Galiano Gold | Perseus Mining vs. US Gold Corp | Perseus Mining vs. HUMANA INC |
| EXXON vs. Barrick Gold Corp | EXXON vs. Perseus Mining Limited | EXXON vs. Summit Materials | EXXON vs. Nok Airlines Public |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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