Correlation Between Perseus Mining and STATE
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By analyzing existing cross correlation between Perseus Mining Limited and STATE STREET P, you can compare the effects of market volatilities on Perseus Mining and STATE 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 STATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and STATE.
Diversification Opportunities for Perseus Mining and STATE
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Perseus and STATE is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and STATE STREET P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STATE STREET 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 STATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STATE STREET P has no effect on the direction of Perseus Mining i.e., Perseus Mining and STATE go up and down completely randomly.
Pair Corralation between Perseus Mining and STATE
Assuming the 90 days horizon Perseus Mining Limited is expected to generate 5.13 times more return on investment than STATE. However, Perseus Mining is 5.13 times more volatile than STATE STREET P. It trades about 0.05 of its potential returns per unit of risk. STATE STREET P is currently generating about -0.04 per unit of risk. If you would invest 153.00 in Perseus Mining Limited on September 12, 2024 and sell it today you would earn a total of 21.00 from holding Perseus Mining Limited or generate 13.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
Perseus Mining Limited vs. STATE STREET P
Performance |
| Timeline |
| Perseus Mining |
| STATE STREET P |
Perseus Mining and STATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and STATE
The main advantage of trading using opposite Perseus Mining and STATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining position performs unexpectedly, STATE 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 STATE will offset losses from the drop in STATE's long position.| Perseus Mining vs. Revival Gold | Perseus Mining vs. Galiano Gold | Perseus Mining vs. US Gold Corp | Perseus Mining vs. HUMANA INC |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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