Correlation Between TYSNES SPAREBANK and MCEWEN MINING
Can any of the company-specific risk be diversified away by investing in both TYSNES SPAREBANK 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 TYSNES SPAREBANK and MCEWEN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TYSNES SPAREBANK NK and MCEWEN MINING INC, you can compare the effects of market volatilities on TYSNES SPAREBANK 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 TYSNES SPAREBANK with a short position of MCEWEN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of TYSNES SPAREBANK and MCEWEN MINING.
Diversification Opportunities for TYSNES SPAREBANK and MCEWEN MINING
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between TYSNES and MCEWEN is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding TYSNES SPAREBANK NK 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 TYSNES SPAREBANK 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 TYSNES SPAREBANK NK 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 TYSNES SPAREBANK i.e., TYSNES SPAREBANK and MCEWEN MINING go up and down completely randomly.
Pair Corralation between TYSNES SPAREBANK and MCEWEN MINING
Assuming the 90 days horizon TYSNES SPAREBANK is expected to generate 2.03 times less return on investment than MCEWEN MINING. But when comparing it to its historical volatility, TYSNES SPAREBANK NK is 3.04 times less risky than MCEWEN MINING. It trades about 0.24 of its potential returns per unit of risk. MCEWEN MINING INC is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 695.00 in MCEWEN MINING INC on April 22, 2025 and sell it today you would earn a total of 255.00 from holding MCEWEN MINING INC or generate 36.69% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
TYSNES SPAREBANK NK vs. MCEWEN MINING INC
Performance |
Timeline |
TYSNES SPAREBANK |
MCEWEN MINING INC |
TYSNES SPAREBANK and MCEWEN MINING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TYSNES SPAREBANK and MCEWEN MINING
The main advantage of trading using opposite TYSNES SPAREBANK and MCEWEN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TYSNES SPAREBANK 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.TYSNES SPAREBANK vs. ANTA Sports Products | TYSNES SPAREBANK vs. Gaming and Leisure | TYSNES SPAREBANK vs. PLAY2CHILL SA ZY | TYSNES SPAREBANK vs. EBRO FOODS |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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