Correlation Between Philex Mining and Harbor Star
Can any of the company-specific risk be diversified away by investing in both Philex Mining and Harbor Star at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Philex Mining and Harbor Star into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Philex Mining Corp and Harbor Star Shipping, you can compare the effects of market volatilities on Philex Mining and Harbor Star 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 Philex Mining with a short position of Harbor Star. Check out your portfolio center. Please also check ongoing floating volatility patterns of Philex Mining and Harbor Star.
Diversification Opportunities for Philex Mining and Harbor Star
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Philex and Harbor is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Philex Mining Corp and Harbor Star Shipping in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbor Star Shipping and Philex 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 Philex Mining Corp are associated (or correlated) with Harbor Star. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbor Star Shipping has no effect on the direction of Philex Mining i.e., Philex Mining and Harbor Star go up and down completely randomly.
Pair Corralation between Philex Mining and Harbor Star
Assuming the 90 days trading horizon Philex Mining Corp is expected to generate 2.02 times more return on investment than Harbor Star. However, Philex Mining is 2.02 times more volatile than Harbor Star Shipping. It trades about 0.4 of its potential returns per unit of risk. Harbor Star Shipping is currently generating about 0.29 per unit of risk. If you would invest 329.00 in Philex Mining Corp on November 28, 2024 and sell it today you would earn a total of 187.00 from holding Philex Mining Corp or generate 56.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Philex Mining Corp vs. Harbor Star Shipping
Performance |
| Timeline |
| Philex Mining Corp |
| Harbor Star Shipping |
Philex Mining and Harbor Star Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Philex Mining and Harbor Star
The main advantage of trading using opposite Philex Mining and Harbor Star positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Philex Mining position performs unexpectedly, Harbor Star 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 Harbor Star will offset losses from the drop in Harbor Star's long position.| Philex Mining vs. Robinsons Retail Holdings | Philex Mining vs. Apex Mining Co | Philex Mining vs. Security Bank Corp | Philex Mining vs. Semirara Mining Corp |
| Harbor Star vs. East West Banking | Harbor Star vs. Converge Information Communications | Harbor Star vs. Security Bank Corp | Harbor Star vs. Union Bank of |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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