Correlation Between SOGECLAIR and MAGNUM MINING
Can any of the company-specific risk be diversified away by investing in both SOGECLAIR and MAGNUM MINING 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 SOGECLAIR and MAGNUM MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SOGECLAIR SA INH and MAGNUM MINING EXP, you can compare the effects of market volatilities on SOGECLAIR and MAGNUM 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 SOGECLAIR with a short position of MAGNUM MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of SOGECLAIR and MAGNUM MINING.
Diversification Opportunities for SOGECLAIR and MAGNUM MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SOGECLAIR and MAGNUM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SOGECLAIR SA INH and MAGNUM MINING EXP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAGNUM MINING EXP and SOGECLAIR 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 SOGECLAIR SA INH are associated (or correlated) with MAGNUM MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAGNUM MINING EXP has no effect on the direction of SOGECLAIR i.e., SOGECLAIR and MAGNUM MINING go up and down completely randomly.
Pair Corralation between SOGECLAIR and MAGNUM MINING
If you would invest 1,817 in SOGECLAIR SA INH on October 14, 2024 and sell it today you would earn a total of 83.00 from holding SOGECLAIR SA INH or generate 4.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
SOGECLAIR SA INH vs. MAGNUM MINING EXP
Performance |
| Timeline |
| SOGECLAIR SA INH |
| MAGNUM MINING EXP |
SOGECLAIR and MAGNUM MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SOGECLAIR and MAGNUM MINING
The main advantage of trading using opposite SOGECLAIR and MAGNUM MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SOGECLAIR position performs unexpectedly, MAGNUM MINING 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 MAGNUM MINING will offset losses from the drop in MAGNUM MINING's long position.| SOGECLAIR vs. SCANSOURCE | SOGECLAIR vs. Teradata Corp | SOGECLAIR vs. CanSino Biologics | SOGECLAIR vs. SILVER BULLET DATA |
| MAGNUM MINING vs. SOGECLAIR SA INH | MAGNUM MINING vs. Texas Roadhouse | MAGNUM MINING vs. TEXAS ROADHOUSE | MAGNUM MINING vs. Altair Engineering |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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