Correlation Between Hochschild Mining and Apple
Can any of the company-specific risk be diversified away by investing in both Hochschild Mining and Apple 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 Hochschild Mining and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hochschild Mining plc and Apple Inc, you can compare the effects of market volatilities on Hochschild Mining and Apple 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 Hochschild Mining with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hochschild Mining and Apple.
Diversification Opportunities for Hochschild Mining and Apple
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hochschild and Apple is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Hochschild Mining plc and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Hochschild 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 Hochschild Mining plc are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Hochschild Mining i.e., Hochschild Mining and Apple go up and down completely randomly.
Pair Corralation between Hochschild Mining and Apple
Assuming the 90 days horizon Hochschild Mining plc is expected to generate 3.16 times more return on investment than Apple. However, Hochschild Mining is 3.16 times more volatile than Apple Inc. It trades about 0.1 of its potential returns per unit of risk. Apple Inc is currently generating about 0.19 per unit of risk. If you would invest 328.00 in Hochschild Mining plc on August 19, 2025 and sell it today you would earn a total of 90.00 from holding Hochschild Mining plc or generate 27.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hochschild Mining plc vs. Apple Inc
Performance |
| Timeline |
| Hochschild Mining plc |
| Apple Inc |
Hochschild Mining and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hochschild Mining and Apple
The main advantage of trading using opposite Hochschild Mining and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hochschild Mining position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| Hochschild Mining vs. Bee Vectoring Technologies | Hochschild Mining vs. PTT Global Chemical | Hochschild Mining vs. Kingdee International Software | Hochschild Mining vs. United Utilities Group |
| Apple vs. COPLAND ROAD CAPITAL | Apple vs. Perdoceo Education | Apple vs. CENTURIA OFFICE REIT | Apple vs. SAFEROADS HLDGS |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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