Correlation Between MCEWEN MINING and MHP Hotel
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By analyzing existing cross correlation between MCEWEN MINING INC and MHP Hotel AG, you can compare the effects of market volatilities on MCEWEN MINING and MHP Hotel 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 MHP Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and MHP Hotel.
Diversification Opportunities for MCEWEN MINING and MHP Hotel
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MCEWEN and MHP is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and MHP Hotel AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MHP Hotel AG 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 MHP Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MHP Hotel AG has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and MHP Hotel go up and down completely randomly.
Pair Corralation between MCEWEN MINING and MHP Hotel
Assuming the 90 days horizon MCEWEN MINING INC is expected to generate 1.49 times more return on investment than MHP Hotel. However, MCEWEN MINING is 1.49 times more volatile than MHP Hotel AG. It trades about 0.03 of its potential returns per unit of risk. MHP Hotel AG is currently generating about 0.01 per unit of risk. If you would invest 655.00 in MCEWEN MINING INC on October 17, 2024 and sell it today you would earn a total of 160.00 from holding MCEWEN MINING INC or generate 24.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MCEWEN MINING INC vs. MHP Hotel AG
Performance |
| Timeline |
| MCEWEN MINING INC |
| MHP Hotel AG |
MCEWEN MINING and MHP Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and MHP Hotel
The main advantage of trading using opposite MCEWEN MINING and MHP Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, MHP Hotel 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 MHP Hotel will offset losses from the drop in MHP Hotel's long position.| MCEWEN MINING vs. MICRONIC MYDATA | MCEWEN MINING vs. CDL INVESTMENT | MCEWEN MINING vs. HK Electric Investments | MCEWEN MINING vs. MEDCAW INVESTMENTS LS 01 |
| MHP Hotel vs. Brockhaus Capital Management | MHP Hotel vs. Coor Service Management | MHP Hotel vs. MCEWEN MINING INC | MHP Hotel vs. AGF Management Limited |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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