Correlation Between Harmony Gold and Quantum Medical

Can any of the company-specific risk be diversified away by investing in both Harmony Gold and Quantum Medical 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 Quantum Medical 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 Quantum Medical Transport, you can compare the effects of market volatilities on Harmony Gold and Quantum Medical 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 Quantum Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and Quantum Medical.

Diversification Opportunities for Harmony Gold and Quantum Medical

0.0

Correlation Coefficient

Harmony Gold  Quantum Medical

Pay attention - limited upside

The 3 months correlation between Harmony and Quantum is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and Quantum Medical Transport in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quantum Medical Transport 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 Quantum Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quantum Medical Transport has no effect on the direction of Harmony Gold i.e., Harmony Gold and Quantum Medical go up and down completely randomly.

Pair Corralation between Harmony Gold and Quantum Medical

If you would invest  1,493  in Harmony Gold Mining on September 8, 2025 and sell it today you would earn a total of  478.00  from holding Harmony Gold Mining or generate 32.02% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.46%
Values	Daily Returns

Harmony Gold Mining  vs.  Quantum Medical Transport

Harmony Gold Mining

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Harmony Gold Mining are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile fundamental indicators, Harmony Gold reported solid returns over the last few months and may actually be approaching a breakup point.

Quantum Medical Transport

Risk-Adjusted Performance

Weakest

Over the last 90 days Quantum Medical Transport has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Quantum Medical is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Harmony Gold and Quantum Medical

The main advantage of trading using opposite Harmony Gold and Quantum Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold position performs unexpectedly, Quantum Medical 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 Quantum Medical will offset losses from the drop in Quantum Medical's long position.

The idea behind Harmony Gold Mining and Quantum Medical Transport pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.