Correlation Between Technology Select and Hycroft Mining
Can any of the company-specific risk be diversified away by investing in both Technology Select and Hycroft Mining 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 Technology Select and Hycroft Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Technology Select Sector and Hycroft Mining Holding, you can compare the effects of market volatilities on Technology Select and Hycroft Mining 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 Technology Select with a short position of Hycroft Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Technology Select and Hycroft Mining.
Diversification Opportunities for Technology Select and Hycroft Mining
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Technology and Hycroft is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Technology Select Sector and Hycroft Mining Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hycroft Mining Holding and Technology Select 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 Technology Select Sector are associated (or correlated) with Hycroft Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hycroft Mining Holding has no effect on the direction of Technology Select i.e., Technology Select and Hycroft Mining go up and down completely randomly.
Pair Corralation between Technology Select and Hycroft Mining
Considering the 90-day investment horizon Technology Select Sector is expected to generate 0.06 times more return on investment than Hycroft Mining. However, Technology Select Sector is 16.26 times less risky than Hycroft Mining. It trades about 0.13 of its potential returns per unit of risk. Hycroft Mining Holding is currently generating about -0.09 per unit of risk. If you would invest 26,378 in Technology Select Sector on August 10, 2025 and sell it today you would earn a total of 2,438 from holding Technology Select Sector or generate 9.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 62.5% |
| Values | Daily Returns |
Technology Select Sector vs. Hycroft Mining Holding
Performance |
| Timeline |
| Technology Select Sector |
| Hycroft Mining Holding |
Risk-Adjusted Performance
Weakest
Weak | Strong |
Technology Select and Hycroft Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Technology Select and Hycroft Mining
The main advantage of trading using opposite Technology Select and Hycroft Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Technology Select position performs unexpectedly, Hycroft Mining 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 Hycroft Mining will offset losses from the drop in Hycroft Mining's long position.| Technology Select vs. Vanguard FTSE All World | Technology Select vs. Vanguard High Dividend | Technology Select vs. Vanguard High Dividend | Technology Select vs. Vanguard Ftse All World |
| Hycroft Mining vs. Abcourt Mines | Hycroft Mining vs. Minaurum Gold | Hycroft Mining vs. Spanish Mountain Gold | Hycroft Mining vs. Hycroft Mining Holding |
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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