Correlation Between MCEWEN MINING and Hanison Construction
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and Hanison Construction 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 Hanison Construction 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 Hanison Construction Holdings, you can compare the effects of market volatilities on MCEWEN MINING and Hanison Construction 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 Hanison Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and Hanison Construction.
Diversification Opportunities for MCEWEN MINING and Hanison Construction
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MCEWEN and Hanison is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and Hanison Construction Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hanison Construction 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 Hanison Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hanison Construction has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and Hanison Construction go up and down completely randomly.
Pair Corralation between MCEWEN MINING and Hanison Construction
If you would invest 785.00 in MCEWEN MINING INC on October 18, 2024 and sell it today you would earn a total of 30.00 from holding MCEWEN MINING INC or generate 3.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MCEWEN MINING INC vs. Hanison Construction Holdings
Performance |
| Timeline |
| MCEWEN MINING INC |
| Hanison Construction |
MCEWEN MINING and Hanison Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and Hanison Construction
The main advantage of trading using opposite MCEWEN MINING and Hanison Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, Hanison Construction 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 Hanison Construction will offset losses from the drop in Hanison Construction'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 |
| Hanison Construction vs. MCEWEN MINING INC | Hanison Construction vs. Lendlease Group | Hanison Construction vs. FUYO GENERAL LEASE | Hanison Construction vs. Forsys Metals Corp |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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