Correlation Between Alstria Office and MAGNUM MINING
Can any of the company-specific risk be diversified away by investing in both Alstria Office 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 Alstria Office and MAGNUM MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between alstria office REIT AG and MAGNUM MINING EXP, you can compare the effects of market volatilities on Alstria Office 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 Alstria Office with a short position of MAGNUM MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alstria Office and MAGNUM MINING.
Diversification Opportunities for Alstria Office and MAGNUM MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Alstria and MAGNUM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding alstria office REIT AG 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 Alstria Office 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 alstria office REIT AG 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 Alstria Office i.e., Alstria Office and MAGNUM MINING go up and down completely randomly.
Pair Corralation between Alstria Office and MAGNUM MINING
If you would invest 542.00 in alstria office REIT AG on September 19, 2024 and sell it today you would earn a total of 222.00 from holding alstria office REIT AG or generate 40.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
alstria office REIT AG vs. MAGNUM MINING EXP
Performance |
| Timeline |
| alstria office REIT |
| MAGNUM MINING EXP |
Alstria Office and MAGNUM MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alstria Office and MAGNUM MINING
The main advantage of trading using opposite Alstria Office and MAGNUM MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alstria Office 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.| Alstria Office vs. ORIX JREIT INC | Alstria Office vs. Superior Plus Corp | Alstria Office vs. SIVERS SEMICONDUCTORS AB | Alstria Office vs. Norsk Hydro ASA |
| MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |