Correlation Between MCEWEN MINING and DAX Index
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By analyzing existing cross correlation between MCEWEN MINING INC and DAX Index, you can compare the effects of market volatilities on MCEWEN MINING and DAX Index 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 DAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and DAX Index.
Diversification Opportunities for MCEWEN MINING and DAX Index
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MCEWEN and DAX is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and DAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DAX Index 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 DAX Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DAX Index has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and DAX Index go up and down completely randomly.
Pair Corralation between MCEWEN MINING and DAX Index
Assuming the 90 days horizon MCEWEN MINING INC is expected to generate 5.1 times more return on investment than DAX Index. However, MCEWEN MINING is 5.1 times more volatile than DAX Index. It trades about 0.03 of its potential returns per unit of risk. DAX Index is currently generating about 0.08 per unit of risk. If you would invest 630.00 in MCEWEN MINING INC on October 12, 2024 and sell it today you would earn a total of 175.00 from holding MCEWEN MINING INC or generate 27.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.75% |
| Values | Daily Returns |
MCEWEN MINING INC vs. DAX Index
Performance |
| Timeline |
MCEWEN MINING and DAX Index Volatility Contrast
Predicted Return Density |
| Returns |
MCEWEN MINING INC
Pair trading matchups for MCEWEN MINING
DAX Index
Pair trading matchups for DAX Index
Pair Trading with MCEWEN MINING and DAX Index
The main advantage of trading using opposite MCEWEN MINING and DAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, DAX Index 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 DAX Index will offset losses from the drop in DAX Index's long position.| MCEWEN MINING vs. Pentair plc | MCEWEN MINING vs. MOBILE FACTORY INC | MCEWEN MINING vs. SOGECLAIR SA INH | MCEWEN MINING vs. Charter Communications |
| DAX Index vs. Eurasia Mining Plc | DAX Index vs. URBAN OUTFITTERS | DAX Index vs. MCEWEN MINING INC | DAX Index vs. ANGLO ASIAN MINING |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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