Correlation Between MCEWEN MINING and Socit Gnrale

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Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and Socit Gnrale 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 MCEWEN MINING and Socit Gnrale into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MCEWEN MINING INC and Socit Gnrale Socit, you can compare the effects of market volatilities on MCEWEN MINING and Socit Gnrale 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 Socit Gnrale. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and Socit Gnrale.

Diversification Opportunities for MCEWEN MINING and Socit Gnrale

0.58
  Correlation Coefficient

Very weak diversification

The 3 months correlation between MCEWEN and Socit is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and Socit Gnrale Socit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Socit Gnrale Socit 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 INC are associated (or correlated) with Socit Gnrale. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Socit Gnrale Socit has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and Socit Gnrale go up and down completely randomly.

Pair Corralation between MCEWEN MINING and Socit Gnrale

Assuming the 90 days horizon MCEWEN MINING INC is expected to generate 2.01 times more return on investment than Socit Gnrale. However, MCEWEN MINING is 2.01 times more volatile than Socit Gnrale Socit. It trades about 0.18 of its potential returns per unit of risk. Socit Gnrale Socit is currently generating about 0.19 per unit of risk. If you would invest  665.00  in MCEWEN MINING INC on April 23, 2025 and sell it today you would earn a total of  290.00  from holding MCEWEN MINING INC or generate 43.61% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy98.44%
ValuesDaily Returns

MCEWEN MINING INC  vs.  Socit Gnrale Socit

 Performance 
       Timeline  
MCEWEN MINING INC 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in MCEWEN MINING INC are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, MCEWEN MINING reported solid returns over the last few months and may actually be approaching a breakup point.
Socit Gnrale Socit 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Socit Gnrale Socit are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively fragile technical and fundamental indicators, Socit Gnrale unveiled solid returns over the last few months and may actually be approaching a breakup point.

MCEWEN MINING and Socit Gnrale Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with MCEWEN MINING and Socit Gnrale

The main advantage of trading using opposite MCEWEN MINING and Socit Gnrale positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, Socit Gnrale 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 Socit Gnrale will offset losses from the drop in Socit Gnrale's long position.
The idea behind MCEWEN MINING INC and Socit Gnrale Socit 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.

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