Correlation Between Ssr Mining and Regal Funds
Can any of the company-specific risk be diversified away by investing in both Ssr Mining and Regal Funds 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 Ssr Mining and Regal Funds into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ssr Mining and Regal Funds Management, you can compare the effects of market volatilities on Ssr Mining and Regal Funds 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 Ssr Mining with a short position of Regal Funds. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ssr Mining and Regal Funds.
Diversification Opportunities for Ssr Mining and Regal Funds
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ssr and Regal is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Ssr Mining and Regal Funds Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regal Funds Management and Ssr 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 Ssr Mining are associated (or correlated) with Regal Funds. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regal Funds Management has no effect on the direction of Ssr Mining i.e., Ssr Mining and Regal Funds go up and down completely randomly.
Pair Corralation between Ssr Mining and Regal Funds
Assuming the 90 days trading horizon Ssr Mining is expected to under-perform the Regal Funds. In addition to that, Ssr Mining is 1.96 times more volatile than Regal Funds Management. It trades about -0.02 of its total potential returns per unit of risk. Regal Funds Management is currently generating about 0.1 per unit of volatility. If you would invest 255.00 in Regal Funds Management on August 25, 2024 and sell it today you would earn a total of 163.00 from holding Regal Funds Management or generate 63.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ssr Mining vs. Regal Funds Management
Performance |
| Timeline |
| Ssr Mining |
| Regal Funds Management |
Ssr Mining and Regal Funds Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ssr Mining and Regal Funds
The main advantage of trading using opposite Ssr Mining and Regal Funds positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ssr Mining position performs unexpectedly, Regal Funds 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 Regal Funds will offset losses from the drop in Regal Funds' long position.| Ssr Mining vs. Regal Funds Management | Ssr Mining vs. Tombador Iron | Ssr Mining vs. AiMedia Technologies | Ssr Mining vs. COAST ENTERTAINMENT HOLDINGS |
| Regal Funds vs. National Australia Bank | Regal Funds vs. National Australia Bank | Regal Funds vs. Westpac Banking | Regal Funds vs. National Australia Bank |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |