Pair Correlation Between Summit Materials and Hecla Mining

This module allows you to analyze existing cross correlation between Summit Materials and Hecla Mining Company. You can compare the effects of market volatilities on Summit Materials and Hecla 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 Summit Materials with a short position of Hecla Mining. See also your portfolio center. Please also check ongoing floating volatility patterns of Summit Materials and Hecla Mining.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Summit Materials Inc  vs.  Hecla Mining Company

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Summit Materials is expected to under-perform the Hecla Mining. But the stock apears to be less risky and, when comparing its historical volatility, Summit Materials is 1.93 times less risky than Hecla Mining. The stock trades about -0.08 of its potential returns per unit of risk. The Hecla Mining Company is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest  375.00  in Hecla Mining Company on March 20, 2018 and sell it today you would earn a total of  21.00  from holding Hecla Mining Company or generate 5.6% return on investment over 30 days.

Pair Corralation between Summit Materials and Hecla Mining

0.44
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Summit Materials Inc and Hecla Mining Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hecla Mining and Summit Materials 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 Summit Materials are associated (or correlated) with Hecla Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hecla Mining has no effect on the direction of Summit Materials i.e. Summit Materials and Hecla Mining go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Summit Materials  
0 

Risk-Adjusted Performance

Over the last 30 days Summit Materials has generated negative risk-adjusted returns adding no value to investors with long positions.
Hecla Mining  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hecla Mining Company are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1079.42

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