Correlation Between MCEWEN MINING and VIRGIN WINES
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and VIRGIN WINES 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 VIRGIN WINES 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 VIRGIN WINES UK, you can compare the effects of market volatilities on MCEWEN MINING and VIRGIN WINES 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 VIRGIN WINES. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and VIRGIN WINES.
Diversification Opportunities for MCEWEN MINING and VIRGIN WINES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MCEWEN and VIRGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and VIRGIN WINES UK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VIRGIN WINES UK 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 VIRGIN WINES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VIRGIN WINES UK has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and VIRGIN WINES go up and down completely randomly.
Pair Corralation between MCEWEN MINING and VIRGIN WINES
If you would invest 80.00 in VIRGIN WINES UK on August 28, 2024 and sell it today you would earn a total of 0.00 from holding VIRGIN WINES UK or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
MCEWEN MINING INC vs. VIRGIN WINES UK
Performance |
| Timeline |
| MCEWEN MINING INC |
| VIRGIN WINES UK |
MCEWEN MINING and VIRGIN WINES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and VIRGIN WINES
The main advantage of trading using opposite MCEWEN MINING and VIRGIN WINES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, VIRGIN WINES 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 VIRGIN WINES will offset losses from the drop in VIRGIN WINES'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 |
| VIRGIN WINES vs. Altia Oyj | VIRGIN WINES vs. LANSON BCC INH EO | VIRGIN WINES vs. Superior Plus Corp | VIRGIN WINES vs. NMI Holdings |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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