Correlation Between Harmony Gold and ReposiTrak
Can any of the company-specific risk be diversified away by investing in both Harmony Gold and ReposiTrak 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 ReposiTrak 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 ReposiTrak, you can compare the effects of market volatilities on Harmony Gold and ReposiTrak 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 ReposiTrak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and ReposiTrak.
Diversification Opportunities for Harmony Gold and ReposiTrak
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harmony and ReposiTrak is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and ReposiTrak in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ReposiTrak 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 ReposiTrak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ReposiTrak has no effect on the direction of Harmony Gold i.e., Harmony Gold and ReposiTrak go up and down completely randomly.
Pair Corralation between Harmony Gold and ReposiTrak
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 1.43 times more return on investment than ReposiTrak. However, Harmony Gold is 1.43 times more volatile than ReposiTrak. It trades about 0.14 of its potential returns per unit of risk. ReposiTrak is currently generating about -0.11 per unit of risk. If you would invest 1,498 in Harmony Gold Mining on July 20, 2025 and sell it today you would earn a total of 537.00 from holding Harmony Gold Mining or generate 35.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harmony Gold Mining vs. ReposiTrak
Performance |
| Timeline |
| Harmony Gold Mining |
| ReposiTrak |
Harmony Gold and ReposiTrak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and ReposiTrak
The main advantage of trading using opposite Harmony Gold and ReposiTrak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, ReposiTrak 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 ReposiTrak will offset losses from the drop in ReposiTrak's long position.| Harmony Gold vs. Boliden AB ADR | Harmony Gold vs. Endeavour Mining Corp | Harmony Gold vs. Evolution Mining | Harmony Gold vs. Symrise AG |
| ReposiTrak vs. Oneconnect Financial Technology | ReposiTrak vs. 8x8 Common Stock | ReposiTrak vs. SmartRent | ReposiTrak vs. Forge Global Holdings |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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