Correlation Between Shunfeng International and MCEWEN MINING
Can any of the company-specific risk be diversified away by investing in both Shunfeng International and MCEWEN MINING 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 Shunfeng International and MCEWEN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shunfeng International Clean and MCEWEN MINING INC, you can compare the effects of market volatilities on Shunfeng International and MCEWEN MINING 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 Shunfeng International with a short position of MCEWEN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shunfeng International and MCEWEN MINING.
Diversification Opportunities for Shunfeng International and MCEWEN MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shunfeng and MCEWEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shunfeng International Clean and MCEWEN MINING INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MCEWEN MINING INC and Shunfeng International 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 Shunfeng International Clean are associated (or correlated) with MCEWEN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MCEWEN MINING INC has no effect on the direction of Shunfeng International i.e., Shunfeng International and MCEWEN MINING go up and down completely randomly.
Pair Corralation between Shunfeng International and MCEWEN MINING
If you would invest 665.00 in MCEWEN MINING INC on April 23, 2025 and sell it today you would earn a total of 285.00 from holding MCEWEN MINING INC or generate 42.86% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Shunfeng International Clean vs. MCEWEN MINING INC
Performance |
Timeline |
Shunfeng International |
MCEWEN MINING INC |
Shunfeng International and MCEWEN MINING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shunfeng International and MCEWEN MINING
The main advantage of trading using opposite Shunfeng International and MCEWEN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shunfeng International position performs unexpectedly, MCEWEN MINING 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 MCEWEN MINING will offset losses from the drop in MCEWEN MINING's long position.Shunfeng International vs. CEOTRONICS | Shunfeng International vs. LANDSEA GREEN MANAGEMENT | Shunfeng International vs. Cleanaway Waste Management | Shunfeng International vs. Clean Energy Fuels |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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