Correlation Between MCEWEN MINING and Socit Gnrale
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and Socit Gnrale 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 Socit Gnrale 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 Socit Gnrale Socit, you can compare the effects of market volatilities on MCEWEN MINING and Socit Gnrale 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 Socit Gnrale. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and Socit Gnrale.
Diversification Opportunities for MCEWEN MINING and Socit Gnrale
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MCEWEN and Socit is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and Socit Gnrale Socit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Socit Gnrale Socit 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 Socit Gnrale. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Socit Gnrale Socit has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and Socit Gnrale go up and down completely randomly.
Pair Corralation between MCEWEN MINING and Socit Gnrale
Assuming the 90 days horizon MCEWEN MINING INC is expected to generate 2.01 times more return on investment than Socit Gnrale. However, MCEWEN MINING is 2.01 times more volatile than Socit Gnrale Socit. It trades about 0.03 of its potential returns per unit of risk. Socit Gnrale Socit is currently generating about 0.03 per unit of risk. If you would invest 600.00 in MCEWEN MINING INC on October 25, 2024 and sell it today you would earn a total of 205.00 from holding MCEWEN MINING INC or generate 34.17% 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. Socit Gnrale Socit
Performance |
| Timeline |
| MCEWEN MINING INC |
| Socit Gnrale Socit |
MCEWEN MINING and Socit Gnrale Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and Socit Gnrale
The main advantage of trading using opposite MCEWEN MINING and Socit Gnrale positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, Socit Gnrale 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 Socit Gnrale will offset losses from the drop in Socit Gnrale's long position.| MCEWEN MINING vs. Sunny Optical Technology | MCEWEN MINING vs. VELA TECHNOLPLC LS 0001 | MCEWEN MINING vs. Uber Technologies | MCEWEN MINING vs. Agilent Technologies |
| Socit Gnrale vs. CyberArk Software | Socit Gnrale vs. AXWAY SOFTWARE EO | Socit Gnrale vs. VIRGIN WINES UK | Socit Gnrale vs. Teradata 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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