Correlation Between Harmony Gold and Intel Corp

Can any of the company-specific risk be diversified away by investing in both Harmony Gold and Intel Corp 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 Harmony Gold and Intel Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Harmony Gold Mining and Intel Corp CEDEAR, you can compare the effects of market volatilities on Harmony Gold and Intel Corp 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 Harmony Gold with a short position of Intel Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and Intel Corp.

Diversification Opportunities for Harmony Gold and Intel Corp

0.0

Correlation Coefficient

Harmony Gold  Intel Corp

Pay attention - limited upside

The 3 months correlation between Harmony and Intel is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and Intel Corp CEDEAR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intel Corp CEDEAR and Harmony Gold 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 Harmony Gold Mining are associated (or correlated) with Intel Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intel Corp CEDEAR has no effect on the direction of Harmony Gold i.e., Harmony Gold and Intel Corp go up and down completely randomly.

Pair Corralation between Harmony Gold and Intel Corp

If you would invest  1,920,000  in Harmony Gold Mining on April 24, 2025 and sell it today you would lose (37,500) from holding Harmony Gold Mining or give up 1.95% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	1.67%
Values	Daily Returns

Harmony Gold Mining  vs.  Intel Corp CEDEAR

Harmony Gold Mining

Risk-Adjusted Performance

Very Weak

Over the last 90 days Harmony Gold Mining has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Harmony Gold is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Intel Corp CEDEAR

Risk-Adjusted Performance

OK

Over the last 90 days Intel Corp CEDEAR has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Intel Corp is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Harmony Gold and Intel Corp

The main advantage of trading using opposite Harmony Gold and Intel Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, Intel Corp 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 Intel Corp will offset losses from the drop in Intel Corp's long position.

The idea behind Harmony Gold Mining and Intel Corp CEDEAR pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.