Correlation Between 04686JAE1 and Harmony Gold
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By analyzing existing cross correlation between ATH 345 15 MAY 52 and Harmony Gold Mining, you can compare the effects of market volatilities on 04686JAE1 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 04686JAE1 with a short position of Harmony Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of 04686JAE1 and Harmony Gold.
Diversification Opportunities for 04686JAE1 and Harmony Gold
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 04686JAE1 and Harmony is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding ATH 345 15 MAY 52 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 04686JAE1 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 ATH 345 15 MAY 52 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 04686JAE1 i.e., 04686JAE1 and Harmony Gold go up and down completely randomly.
Pair Corralation between 04686JAE1 and Harmony Gold
Assuming the 90 days trading horizon ATH 345 15 MAY 52 is expected to generate 0.45 times more return on investment than Harmony Gold. However, ATH 345 15 MAY 52 is 2.22 times less risky than Harmony Gold. It trades about 0.0 of its potential returns per unit of risk. Harmony Gold Mining is currently generating about -0.02 per unit of risk. If you would invest 6,741 in ATH 345 15 MAY 52 on September 3, 2024 and sell it today you would lose (73.00) from holding ATH 345 15 MAY 52 or give up 1.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 87.1% |
| Values | Daily Returns |
ATH 345 15 MAY 52 vs. Harmony Gold Mining
Performance |
| Timeline |
| ATH 345 15 |
| Harmony Gold Mining |
04686JAE1 and Harmony Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 04686JAE1 and Harmony Gold
The main advantage of trading using opposite 04686JAE1 and Harmony Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 04686JAE1 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.| 04686JAE1 vs. Harmony Gold Mining | 04686JAE1 vs. Ambev SA ADR | 04686JAE1 vs. Vindicator Silver Lead Mining | 04686JAE1 vs. Boston Beer |
| Harmony Gold vs. Harmony Gold Mining | Harmony Gold vs. SPACE | Harmony Gold vs. T Rowe Price | Harmony Gold vs. Ampleforth |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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