Correlation Between MCEWEN MINING and Jupiter Fund
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and Jupiter Fund 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 Jupiter Fund 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 Jupiter Fund Management, you can compare the effects of market volatilities on MCEWEN MINING and Jupiter Fund 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 Jupiter Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and Jupiter Fund.
Diversification Opportunities for MCEWEN MINING and Jupiter Fund
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between MCEWEN and Jupiter is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and Jupiter Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jupiter Fund Management 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 Jupiter Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jupiter Fund Management has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and Jupiter Fund go up and down completely randomly.
Pair Corralation between MCEWEN MINING and Jupiter Fund
Assuming the 90 days horizon MCEWEN MINING INC is expected to generate 1.08 times more return on investment than Jupiter Fund. However, MCEWEN MINING is 1.08 times more volatile than Jupiter Fund Management. It trades about 0.01 of its potential returns per unit of risk. Jupiter Fund Management is currently generating about -0.02 per unit of risk. If you would invest 785.00 in MCEWEN MINING INC on October 30, 2024 and sell it today you would earn a total of 0.00 from holding MCEWEN MINING INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MCEWEN MINING INC vs. Jupiter Fund Management
Performance |
| Timeline |
| MCEWEN MINING INC |
| Jupiter Fund Management |
MCEWEN MINING and Jupiter Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and Jupiter Fund
The main advantage of trading using opposite MCEWEN MINING and Jupiter Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, Jupiter Fund 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 Jupiter Fund will offset losses from the drop in Jupiter Fund's long position.| MCEWEN MINING vs. CAL MAINE FOODS | MCEWEN MINING vs. RYANAIR HLDGS ADR | MCEWEN MINING vs. United Natural Foods | MCEWEN MINING vs. PREMIER FOODS |
| Jupiter Fund vs. FIREWEED METALS P | Jupiter Fund vs. Western Copper and | Jupiter Fund vs. VIENNA INSURANCE GR | Jupiter Fund vs. ZURICH INSURANCE GROUP |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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