Correlation Between MCEWEN MINING and Henry Schein
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and Henry Schein 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 Henry Schein 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 Henry Schein, you can compare the effects of market volatilities on MCEWEN MINING and Henry Schein 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 Henry Schein. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and Henry Schein.
Diversification Opportunities for MCEWEN MINING and Henry Schein
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between MCEWEN and Henry is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and Henry Schein in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henry Schein 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 Henry Schein. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henry Schein has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and Henry Schein go up and down completely randomly.
Pair Corralation between MCEWEN MINING and Henry Schein
Assuming the 90 days horizon MCEWEN MINING INC is expected to under-perform the Henry Schein. In addition to that, MCEWEN MINING is 2.14 times more volatile than Henry Schein. It trades about -0.04 of its total potential returns per unit of risk. Henry Schein is currently generating about 0.07 per unit of volatility. If you would invest 6,278 in Henry Schein on September 3, 2024 and sell it today you would earn a total of 1,046 from holding Henry Schein or generate 16.66% 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. Henry Schein
Performance |
| Timeline |
| MCEWEN MINING INC |
| Henry Schein |
MCEWEN MINING and Henry Schein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and Henry Schein
The main advantage of trading using opposite MCEWEN MINING and Henry Schein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, Henry Schein 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 Henry Schein will offset losses from the drop in Henry Schein'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 |
| Henry Schein vs. MCEWEN MINING INC | Henry Schein vs. Zijin Mining Group | Henry Schein vs. LION ONE METALS | Henry Schein vs. Motorcar Parts of |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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