Correlation Between MCEWEN MINING and TAMBANG BATUBARA-B-
Can any of the company-specific risk be diversified away by investing in both MCEWEN MINING and TAMBANG BATUBARA-B- 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 TAMBANG BATUBARA-B- 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 TAMBANG BATUBARA B , you can compare the effects of market volatilities on MCEWEN MINING and TAMBANG BATUBARA-B- 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 TAMBANG BATUBARA-B-. Check out your portfolio center. Please also check ongoing floating volatility patterns of MCEWEN MINING and TAMBANG BATUBARA-B-.
Diversification Opportunities for MCEWEN MINING and TAMBANG BATUBARA-B-
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MCEWEN and TAMBANG is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and TAMBANG BATUBARA B in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TAMBANG BATUBARA-B- 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 TAMBANG BATUBARA-B-. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TAMBANG BATUBARA-B- has no effect on the direction of MCEWEN MINING i.e., MCEWEN MINING and TAMBANG BATUBARA-B- go up and down completely randomly.
Pair Corralation between MCEWEN MINING and TAMBANG BATUBARA-B-
Assuming the 90 days horizon MCEWEN MINING INC is expected to generate 5.14 times more return on investment than TAMBANG BATUBARA-B-. However, MCEWEN MINING is 5.14 times more volatile than TAMBANG BATUBARA B . It trades about 0.24 of its potential returns per unit of risk. TAMBANG BATUBARA B is currently generating about -0.12 per unit of risk. If you would invest 955.00 in MCEWEN MINING INC on July 20, 2025 and sell it today you would earn a total of 855.00 from holding MCEWEN MINING INC or generate 89.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MCEWEN MINING INC vs. TAMBANG BATUBARA B
Performance |
| Timeline |
| MCEWEN MINING INC |
| TAMBANG BATUBARA-B- |
MCEWEN MINING and TAMBANG BATUBARA-B- Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MCEWEN MINING and TAMBANG BATUBARA-B-
The main advantage of trading using opposite MCEWEN MINING and TAMBANG BATUBARA-B- positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MCEWEN MINING position performs unexpectedly, TAMBANG BATUBARA-B- 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 TAMBANG BATUBARA-B- will offset losses from the drop in TAMBANG BATUBARA-B-'s long position.| MCEWEN MINING vs. Hellenic Telecommunications Organization | MCEWEN MINING vs. T MOBILE INCDL 00001 | MCEWEN MINING vs. Gaztransport Technigaz SA | MCEWEN MINING vs. Comtech Telecommunications Corp |
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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