Correlation Between Magnora ASA and CT Global
Can any of the company-specific risk be diversified away by investing in both Magnora ASA and CT Global 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 Magnora ASA and CT Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Magnora ASA and CT Global Managed, you can compare the effects of market volatilities on Magnora ASA and CT Global 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 Magnora ASA with a short position of CT Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magnora ASA and CT Global.
Diversification Opportunities for Magnora ASA and CT Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Magnora and CMPG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Magnora ASA and CT Global Managed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CT Global Managed and Magnora ASA 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 Magnora ASA are associated (or correlated) with CT Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CT Global Managed has no effect on the direction of Magnora ASA i.e., Magnora ASA and CT Global go up and down completely randomly.
Pair Corralation between Magnora ASA and CT Global
If you would invest 2,435 in Magnora ASA on October 7, 2024 and sell it today you would earn a total of 345.00 from holding Magnora ASA or generate 14.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Magnora ASA vs. CT Global Managed
Performance |
| Timeline |
| Magnora ASA |
| CT Global Managed |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Magnora ASA and CT Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Magnora ASA and CT Global
The main advantage of trading using opposite Magnora ASA and CT Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magnora ASA position performs unexpectedly, CT Global 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 CT Global will offset losses from the drop in CT Global's long position.| Magnora ASA vs. Uniper SE | Magnora ASA vs. Codex Acquisitions PLC | Magnora ASA vs. Ikigai Ventures | Magnora ASA vs. Heavitree Brewery |
| CT Global vs. Bloomsbury Publishing Plc | CT Global vs. Silver Bullet Data | CT Global vs. Grand Vision Media | CT Global vs. Ubisoft Entertainment |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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