| MGMNF Stock | | | 1.02 0.01 0.97% |
The current 90-days correlation between Magna Mining and Nuinsco Resources Limited is 0.03 (i.e., Significant diversification). The correlation of Magna Mining is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Magna Mining Correlation With Market
Modest diversification
The correlation between Magna Mining and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magna Mining and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Magna Mining could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Magna Mining when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Magna Mining - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Magna Mining to buy it.
Moving together with Magna Pink Sheet
Moving against Magna Pink Sheet
Related Correlations Analysis
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Be your own money manager
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Magna Mining Corporate Management