Correlation Between TriSalus Life and Harmony Gold
Can any of the company-specific risk be diversified away by investing in both TriSalus Life and Harmony Gold 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 TriSalus Life and Harmony Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TriSalus Life Sciences and Harmony Gold Mining, you can compare the effects of market volatilities on TriSalus Life and Harmony Gold 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 TriSalus Life with a short position of Harmony Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of TriSalus Life and Harmony Gold.
Diversification Opportunities for TriSalus Life and Harmony Gold
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TriSalus and Harmony is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding TriSalus Life Sciences and Harmony Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harmony Gold Mining and TriSalus Life 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 TriSalus Life Sciences are associated (or correlated) with Harmony Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harmony Gold Mining has no effect on the direction of TriSalus Life i.e., TriSalus Life and Harmony Gold go up and down completely randomly.
Pair Corralation between TriSalus Life and Harmony Gold
Given the investment horizon of 90 days TriSalus Life is expected to generate 1.02 times less return on investment than Harmony Gold. In addition to that, TriSalus Life is 1.18 times more volatile than Harmony Gold Mining. It trades about 0.11 of its total potential returns per unit of risk. Harmony Gold Mining is currently generating about 0.13 per unit of volatility. If you would invest 1,323 in Harmony Gold Mining on August 30, 2025 and sell it today you would earn a total of 367.00 from holding Harmony Gold Mining or generate 27.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TriSalus Life Sciences vs. Harmony Gold Mining
Performance |
| Timeline |
| TriSalus Life Sciences |
| Harmony Gold Mining |
TriSalus Life and Harmony Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TriSalus Life and Harmony Gold
The main advantage of trading using opposite TriSalus Life and Harmony Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TriSalus Life position performs unexpectedly, Harmony Gold 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 Harmony Gold will offset losses from the drop in Harmony Gold's long position.| TriSalus Life vs. Harmony Gold Mining | TriSalus Life vs. Universal Music Group | TriSalus Life vs. Aerofoam Metals | TriSalus Life vs. Zoom Video Communications |
| Harmony Gold vs. Nissan Chemical | Harmony Gold vs. Global Education Communities | Harmony Gold vs. ISE Chemicals | Harmony Gold vs. Adtalem Global Education |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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