Correlation Between Perseus Mining and Outfront
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By analyzing existing cross correlation between Perseus Mining Limited and Outfront Media Capital, you can compare the effects of market volatilities on Perseus Mining and Outfront 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 Outfront. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and Outfront.
Diversification Opportunities for Perseus Mining and Outfront
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Perseus and Outfront is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and Outfront Media Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Outfront Media Capital 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 Outfront. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Outfront Media Capital has no effect on the direction of Perseus Mining i.e., Perseus Mining and Outfront go up and down completely randomly.
Pair Corralation between Perseus Mining and Outfront
Assuming the 90 days horizon Perseus Mining Limited is expected to generate 3.08 times more return on investment than Outfront. However, Perseus Mining is 3.08 times more volatile than Outfront Media Capital. It trades about 0.03 of its potential returns per unit of risk. Outfront Media Capital is currently generating about 0.03 per unit of risk. If you would invest 139.00 in Perseus Mining Limited on September 14, 2024 and sell it today you would earn a total of 41.00 from holding Perseus Mining Limited or generate 29.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.71% |
| Values | Daily Returns |
Perseus Mining Limited vs. Outfront Media Capital
Performance |
| Timeline |
| Perseus Mining |
| Outfront Media Capital |
Perseus Mining and Outfront Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and Outfront
The main advantage of trading using opposite Perseus Mining and Outfront positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining position performs unexpectedly, Outfront 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 Outfront will offset losses from the drop in Outfront's long position.| Perseus Mining vs. Aurion Resources | Perseus Mining vs. Liberty Gold Corp | Perseus Mining vs. Rio2 Limited | Perseus Mining vs. Orezone Gold Corp |
| Outfront vs. Perseus Mining Limited | Outfront vs. LENSAR Inc | Outfront vs. Forsys Metals Corp | Outfront vs. Barrick Gold Corp |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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