Correlation Between 01609WBA9 and Harmony Gold
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By analyzing existing cross correlation between BABA 325 09 FEB 61 and Harmony Gold Mining, you can compare the effects of market volatilities on 01609WBA9 and Harmony Gold 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 01609WBA9 with a short position of Harmony Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of 01609WBA9 and Harmony Gold.
Diversification Opportunities for 01609WBA9 and Harmony Gold
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between 01609WBA9 and Harmony is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding BABA 325 09 FEB 61 and Harmony Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harmony Gold Mining and 01609WBA9 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 BABA 325 09 FEB 61 are associated (or correlated) with Harmony Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harmony Gold Mining has no effect on the direction of 01609WBA9 i.e., 01609WBA9 and Harmony Gold go up and down completely randomly.
Pair Corralation between 01609WBA9 and Harmony Gold
Assuming the 90 days trading horizon BABA 325 09 FEB 61 is expected to generate 0.4 times more return on investment than Harmony Gold. However, BABA 325 09 FEB 61 is 2.48 times less risky than Harmony Gold. It trades about -0.16 of its potential returns per unit of risk. Harmony Gold Mining is currently generating about -0.22 per unit of risk. If you would invest 6,579 in BABA 325 09 FEB 61 on September 4, 2024 and sell it today you would lose (227.00) from holding BABA 325 09 FEB 61 or give up 3.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 52.38% |
| Values | Daily Returns |
BABA 325 09 FEB 61 vs. Harmony Gold Mining
Performance |
| Timeline |
| BABA 325 09 |
| Harmony Gold Mining |
01609WBA9 and Harmony Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 01609WBA9 and Harmony Gold
The main advantage of trading using opposite 01609WBA9 and Harmony Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 01609WBA9 position performs unexpectedly, Harmony Gold 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 Harmony Gold will offset losses from the drop in Harmony Gold's long position.| 01609WBA9 vs. Harmony Gold Mining | 01609WBA9 vs. Griffon | 01609WBA9 vs. Highway Holdings Limited | 01609WBA9 vs. Vodka Brands Corp |
| Harmony Gold vs. Where Food Comes | Harmony Gold vs. ServiceNow | Harmony Gold vs. Hasbro Inc | Harmony Gold vs. Playtika Holding Corp |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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