Correlation Between MCEWEN MINING and Macerich
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and Macerich 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 Macerich 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 The Macerich, you can compare the effects of market volatilities on MCEWEN MINING and Macerich 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 Macerich. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and Macerich.
Diversification Opportunities for MCEWEN MINING and Macerich
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MCEWEN and Macerich is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and The Macerich in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Macerich 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 Macerich. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macerich has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and Macerich go up and down completely randomly.
Pair Corralation between MCEWEN MINING and Macerich
Assuming the 90 days horizon MCEWEN MINING is expected to generate 1.13 times less return on investment than Macerich. In addition to that, MCEWEN MINING is 2.33 times more volatile than The Macerich. It trades about 0.14 of its total potential returns per unit of risk. The Macerich is currently generating about 0.36 per unit of volatility. If you would invest 1,789 in The Macerich on September 14, 2024 and sell it today you would earn a total of 217.00 from holding The Macerich or generate 12.13% 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. The Macerich
Performance |
| Timeline |
| MCEWEN MINING INC |
| Macerich |
MCEWEN MINING and Macerich Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and Macerich
The main advantage of trading using opposite MCEWEN MINING and Macerich positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, Macerich 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 Macerich will offset losses from the drop in Macerich's long position.| MCEWEN MINING vs. NEW PACIFIC METALS | MCEWEN MINING vs. Superior Plus Corp | MCEWEN MINING vs. SIVERS SEMICONDUCTORS AB | MCEWEN MINING vs. Norsk Hydro ASA |
| Macerich vs. EAT WELL INVESTMENT | Macerich vs. SLR Investment Corp | Macerich vs. MCEWEN MINING INC | Macerich vs. MGIC INVESTMENT |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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