Correlation Between McEwen Mining and Minera Frisco
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By analyzing existing cross correlation between McEwen Mining and Minera Frisco SAB, you can compare the effects of market volatilities on McEwen Mining and Minera Frisco 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 Minera Frisco. Check out your portfolio center. Please also check ongoing floating volatility patterns of McEwen Mining and Minera Frisco.
Diversification Opportunities for McEwen Mining and Minera Frisco
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between McEwen and Minera is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding McEwen Mining and Minera Frisco SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Minera Frisco SAB 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 are associated (or correlated) with Minera Frisco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Minera Frisco SAB has no effect on the direction of McEwen Mining i.e., McEwen Mining and Minera Frisco go up and down completely randomly.
Pair Corralation between McEwen Mining and Minera Frisco
If you would invest 19,800 in McEwen Mining on September 26, 2024 and sell it today you would earn a total of 0.00 from holding McEwen Mining or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
McEwen Mining vs. Minera Frisco SAB
Performance |
Timeline |
McEwen Mining |
Minera Frisco SAB |
McEwen Mining and Minera Frisco Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with McEwen Mining and Minera Frisco
The main advantage of trading using opposite McEwen Mining and Minera Frisco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if McEwen Mining position performs unexpectedly, Minera Frisco 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 Minera Frisco will offset losses from the drop in Minera Frisco's long position.McEwen Mining vs. BHP Group | McEwen Mining vs. Rio Tinto Group | McEwen Mining vs. Vale SA | McEwen Mining vs. Glencore plc |
Minera Frisco vs. BHP Group | Minera Frisco vs. Rio Tinto Group | Minera Frisco vs. Vale SA | Minera Frisco vs. Glencore plc |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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