Correlation Between Calibre Mining and Maire Tecnimont
Can any of the company-specific risk be diversified away by investing in both Calibre Mining and Maire Tecnimont 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 Calibre Mining and Maire Tecnimont into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calibre Mining Corp and Maire Tecnimont SpA, you can compare the effects of market volatilities on Calibre Mining and Maire Tecnimont 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 Calibre Mining with a short position of Maire Tecnimont. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calibre Mining and Maire Tecnimont.
Diversification Opportunities for Calibre Mining and Maire Tecnimont
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calibre and Maire is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Calibre Mining Corp and Maire Tecnimont SpA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maire Tecnimont SpA and Calibre 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 Calibre Mining Corp are associated (or correlated) with Maire Tecnimont. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maire Tecnimont SpA has no effect on the direction of Calibre Mining i.e., Calibre Mining and Maire Tecnimont go up and down completely randomly.
Pair Corralation between Calibre Mining and Maire Tecnimont
Assuming the 90 days trading horizon Calibre Mining is expected to generate 3.16 times less return on investment than Maire Tecnimont. In addition to that, Calibre Mining is 1.09 times more volatile than Maire Tecnimont SpA. It trades about 0.13 of its total potential returns per unit of risk. Maire Tecnimont SpA is currently generating about 0.46 per unit of volatility. If you would invest 784.00 in Maire Tecnimont SpA on October 20, 2024 and sell it today you would earn a total of 178.00 from holding Maire Tecnimont SpA or generate 22.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calibre Mining Corp vs. Maire Tecnimont SpA
Performance |
| Timeline |
| Calibre Mining Corp |
| Maire Tecnimont SpA |
Calibre Mining and Maire Tecnimont Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calibre Mining and Maire Tecnimont
The main advantage of trading using opposite Calibre Mining and Maire Tecnimont positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calibre Mining position performs unexpectedly, Maire Tecnimont 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 Maire Tecnimont will offset losses from the drop in Maire Tecnimont's long position.| Calibre Mining vs. HAVERTY FURNITURE A | Calibre Mining vs. CAIRN HOMES EO | Calibre Mining vs. DFS Furniture PLC | Calibre Mining vs. Hua Hong Semiconductor |
| Maire Tecnimont vs. SOEDER SPORTFISKE AB | Maire Tecnimont vs. SPORTING | Maire Tecnimont vs. Columbia Sportswear | Maire Tecnimont vs. Gaming and Leisure |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |