Correlation Between Perseus Mining and HANCOCK
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By analyzing existing cross correlation between Perseus Mining Limited and HANCOCK JOHN LIFE, you can compare the effects of market volatilities on Perseus Mining and HANCOCK 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 HANCOCK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and HANCOCK.
Diversification Opportunities for Perseus Mining and HANCOCK
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Perseus and HANCOCK is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and HANCOCK JOHN LIFE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HANCOCK JOHN LIFE 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 HANCOCK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HANCOCK JOHN LIFE has no effect on the direction of Perseus Mining i.e., Perseus Mining and HANCOCK go up and down completely randomly.
Pair Corralation between Perseus Mining and HANCOCK
Assuming the 90 days horizon Perseus Mining Limited is expected to generate 2.03 times more return on investment than HANCOCK. However, Perseus Mining is 2.03 times more volatile than HANCOCK JOHN LIFE. It trades about 0.04 of its potential returns per unit of risk. HANCOCK JOHN LIFE is currently generating about 0.06 per unit of risk. If you would invest 172.00 in Perseus Mining Limited on September 13, 2024 and sell it today you would earn a total of 2.00 from holding Perseus Mining Limited or generate 1.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 47.62% |
| Values | Daily Returns |
Perseus Mining Limited vs. HANCOCK JOHN LIFE
Performance |
| Timeline |
| Perseus Mining |
| HANCOCK JOHN LIFE |
Perseus Mining and HANCOCK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and HANCOCK
The main advantage of trading using opposite Perseus Mining and HANCOCK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining position performs unexpectedly, HANCOCK 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 HANCOCK will offset losses from the drop in HANCOCK's long position.| Perseus Mining vs. Revival Gold | Perseus Mining vs. Galiano Gold | Perseus Mining vs. US Gold Corp | Perseus Mining vs. HUMANA INC |
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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