Correlation Between 59523UAU1 and Harmony Gold
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By analyzing existing cross correlation between MAA 2875 15 SEP 51 and Harmony Gold Mining, you can compare the effects of market volatilities on 59523UAU1 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 59523UAU1 with a short position of Harmony Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of 59523UAU1 and Harmony Gold.
Diversification Opportunities for 59523UAU1 and Harmony Gold
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 59523UAU1 and Harmony is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding MAA 2875 15 SEP 51 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 59523UAU1 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 MAA 2875 15 SEP 51 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 59523UAU1 i.e., 59523UAU1 and Harmony Gold go up and down completely randomly.
Pair Corralation between 59523UAU1 and Harmony Gold
Assuming the 90 days trading horizon 59523UAU1 is expected to generate 1.11 times less return on investment than Harmony Gold. But when comparing it to its historical volatility, MAA 2875 15 SEP 51 is 1.48 times less risky than Harmony Gold. It trades about 0.03 of its potential returns per unit of risk. Harmony Gold Mining is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 889.00 in Harmony Gold Mining on September 3, 2024 and sell it today you would earn a total of 30.00 from holding Harmony Gold Mining or generate 3.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 38.36% |
| Values | Daily Returns |
MAA 2875 15 SEP 51 vs. Harmony Gold Mining
Performance |
| Timeline |
| MAA 2875 15 |
| Harmony Gold Mining |
59523UAU1 and Harmony Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 59523UAU1 and Harmony Gold
The main advantage of trading using opposite 59523UAU1 and Harmony Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 59523UAU1 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.| 59523UAU1 vs. Harmony Gold Mining | 59523UAU1 vs. Eldorado Gold Corp | 59523UAU1 vs. Old Dominion Freight | 59523UAU1 vs. Cementos Pacasmayo SAA |
| Harmony Gold vs. AngloGold Ashanti plc | Harmony Gold vs. Eldorado Gold Corp | Harmony Gold vs. Kinross Gold | Harmony Gold vs. Pan American Silver |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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