Correlation Between SPARTAN STORES and Coeur Mining
Can any of the company-specific risk be diversified away by investing in both SPARTAN STORES and Coeur 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 SPARTAN STORES and Coeur Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPARTAN STORES and Coeur Mining, you can compare the effects of market volatilities on SPARTAN STORES and Coeur 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 SPARTAN STORES with a short position of Coeur Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPARTAN STORES and Coeur Mining.
Diversification Opportunities for SPARTAN STORES and Coeur Mining
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SPARTAN and Coeur is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding SPARTAN STORES and Coeur Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coeur Mining and SPARTAN STORES 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 SPARTAN STORES are associated (or correlated) with Coeur Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coeur Mining has no effect on the direction of SPARTAN STORES i.e., SPARTAN STORES and Coeur Mining go up and down completely randomly.
Pair Corralation between SPARTAN STORES and Coeur Mining
Assuming the 90 days trading horizon SPARTAN STORES is expected to under-perform the Coeur Mining. In addition to that, SPARTAN STORES is 1.48 times more volatile than Coeur Mining. It trades about -0.33 of its total potential returns per unit of risk. Coeur Mining is currently generating about -0.09 per unit of volatility. If you would invest 360.00 in Coeur Mining on October 16, 2024 and sell it today you would lose (6.00) from holding Coeur Mining or give up 1.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPARTAN STORES vs. Coeur Mining
Performance |
| Timeline |
| SPARTAN STORES |
| Coeur Mining |
SPARTAN STORES and Coeur Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPARTAN STORES and Coeur Mining
The main advantage of trading using opposite SPARTAN STORES and Coeur Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPARTAN STORES position performs unexpectedly, Coeur 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 Coeur Mining will offset losses from the drop in Coeur Mining's long position.| SPARTAN STORES vs. Sunny Optical Technology | SPARTAN STORES vs. MACOM Technology Solutions | SPARTAN STORES vs. United Insurance Holdings | SPARTAN STORES vs. AECOM TECHNOLOGY |
| Coeur Mining vs. alstria office REIT AG | Coeur Mining vs. Neinor Homes SA | Coeur Mining vs. CITY OFFICE REIT | Coeur Mining vs. CAIRN HOMES EO |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |