Correlation Between Magnora ASA and Ikigai Ventures
Can any of the company-specific risk be diversified away by investing in both Magnora ASA and Ikigai Ventures 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 Ikigai Ventures into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Magnora ASA and Ikigai Ventures, you can compare the effects of market volatilities on Magnora ASA and Ikigai Ventures 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 Ikigai Ventures. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magnora ASA and Ikigai Ventures.
Diversification Opportunities for Magnora ASA and Ikigai Ventures
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Magnora and Ikigai is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Magnora ASA and Ikigai Ventures in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ikigai Ventures 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 Ikigai Ventures. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ikigai Ventures has no effect on the direction of Magnora ASA i.e., Magnora ASA and Ikigai Ventures go up and down completely randomly.
Pair Corralation between Magnora ASA and Ikigai Ventures
If you would invest 2,515 in Magnora ASA on September 17, 2024 and sell it today you would earn a total of 80.00 from holding Magnora ASA or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Magnora ASA vs. Ikigai Ventures
Performance |
| Timeline |
| Magnora ASA |
| Ikigai Ventures |
Magnora ASA and Ikigai Ventures Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Magnora ASA and Ikigai Ventures
The main advantage of trading using opposite Magnora ASA and Ikigai Ventures positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magnora ASA position performs unexpectedly, Ikigai Ventures 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 Ikigai Ventures will offset losses from the drop in Ikigai Ventures' long position.| Magnora ASA vs. Samsung Electronics Co | Magnora ASA vs. Samsung Electronics Co | Magnora ASA vs. Hyundai Motor | Magnora ASA vs. Reliance Industries Ltd |
| Ikigai Ventures vs. Catalyst Media Group | Ikigai Ventures vs. CATLIN GROUP | Ikigai Ventures vs. Tamburi Investment Partners | Ikigai Ventures vs. Magnora ASA |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |