Correlation Between CONTAGIOUS GAMING and MCEWEN MINING
Can any of the company-specific risk be diversified away by investing in both CONTAGIOUS GAMING and MCEWEN MINING 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 CONTAGIOUS GAMING and MCEWEN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CONTAGIOUS GAMING INC and MCEWEN MINING INC, you can compare the effects of market volatilities on CONTAGIOUS GAMING and MCEWEN MINING 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 CONTAGIOUS GAMING with a short position of MCEWEN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONTAGIOUS GAMING and MCEWEN MINING.
Diversification Opportunities for CONTAGIOUS GAMING and MCEWEN MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CONTAGIOUS and MCEWEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CONTAGIOUS GAMING INC and MCEWEN MINING INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MCEWEN MINING INC and CONTAGIOUS GAMING 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 CONTAGIOUS GAMING INC are associated (or correlated) with MCEWEN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MCEWEN MINING INC has no effect on the direction of CONTAGIOUS GAMING i.e., CONTAGIOUS GAMING and MCEWEN MINING go up and down completely randomly.
Pair Corralation between CONTAGIOUS GAMING and MCEWEN MINING
If you would invest 755.00 in MCEWEN MINING INC on October 30, 2024 and sell it today you would earn a total of 30.00 from holding MCEWEN MINING INC or generate 3.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
CONTAGIOUS GAMING INC vs. MCEWEN MINING INC
Performance |
| Timeline |
| CONTAGIOUS GAMING INC |
| MCEWEN MINING INC |
CONTAGIOUS GAMING and MCEWEN MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONTAGIOUS GAMING and MCEWEN MINING
The main advantage of trading using opposite CONTAGIOUS GAMING and MCEWEN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONTAGIOUS GAMING position performs unexpectedly, MCEWEN MINING 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 MCEWEN MINING will offset losses from the drop in MCEWEN MINING's long position.| CONTAGIOUS GAMING vs. FARM 51 GROUP | CONTAGIOUS GAMING vs. ANTA SPORTS PRODUCT | CONTAGIOUS GAMING vs. China Railway Construction | CONTAGIOUS GAMING vs. North American Construction |
| MCEWEN MINING vs. CAL MAINE FOODS | MCEWEN MINING vs. RYANAIR HLDGS ADR | MCEWEN MINING vs. United Natural Foods | MCEWEN MINING vs. PREMIER FOODS |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |