Correlation Between MCEWEN MINING and Impinj
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and Impinj 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 MCEWEN MINING and Impinj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MCEWEN MINING INC and Impinj Inc, you can compare the effects of market volatilities on MCEWEN MINING and Impinj 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 MCEWEN MINING with a short position of Impinj. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and Impinj.
Diversification Opportunities for MCEWEN MINING and Impinj
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between MCEWEN and Impinj is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and Impinj Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impinj Inc and MCEWEN 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 MCEWEN MINING INC are associated (or correlated) with Impinj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impinj Inc has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and Impinj go up and down completely randomly.
Pair Corralation between MCEWEN MINING and Impinj
Assuming the 90 days horizon MCEWEN MINING INC is expected to under-perform the Impinj. In addition to that, MCEWEN MINING is 1.12 times more volatile than Impinj Inc. It trades about -0.09 of its total potential returns per unit of risk. Impinj Inc is currently generating about 0.05 per unit of volatility. If you would invest 17,580 in Impinj Inc on September 4, 2024 and sell it today you would earn a total of 360.00 from holding Impinj Inc or generate 2.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MCEWEN MINING INC vs. Impinj Inc
Performance |
| Timeline |
| MCEWEN MINING INC |
| Impinj Inc |
MCEWEN MINING and Impinj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and Impinj
The main advantage of trading using opposite MCEWEN MINING and Impinj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, Impinj 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 Impinj will offset losses from the drop in Impinj's long position.| MCEWEN MINING vs. Superior Plus Corp | MCEWEN MINING vs. NMI Holdings | MCEWEN MINING vs. Origin Agritech | MCEWEN MINING vs. SIVERS SEMICONDUCTORS AB |
| Impinj vs. GALENA MINING LTD | Impinj vs. SERI INDUSTRIAL EO | Impinj vs. MCEWEN MINING INC | Impinj vs. ETFS Coffee ETC |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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