Correlation Between Bausch Health and MAGNUM MINING
Can any of the company-specific risk be diversified away by investing in both Bausch Health 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 Bausch Health and MAGNUM MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bausch Health Companies and MAGNUM MINING EXP, you can compare the effects of market volatilities on Bausch Health 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 Bausch Health with a short position of MAGNUM MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bausch Health and MAGNUM MINING.
Diversification Opportunities for Bausch Health and MAGNUM MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bausch and MAGNUM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Health Companies 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 Bausch Health 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 Bausch Health Companies 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 Bausch Health i.e., Bausch Health and MAGNUM MINING go up and down completely randomly.
Pair Corralation between Bausch Health and MAGNUM MINING
If you would invest 763.00 in Bausch Health Companies on October 7, 2024 and sell it today you would earn a total of 1.00 from holding Bausch Health Companies or generate 0.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.12% |
| Values | Daily Returns |
Bausch Health Companies vs. MAGNUM MINING EXP
Performance |
| Timeline |
| Bausch Health Companies |
| MAGNUM MINING EXP |
Bausch Health and MAGNUM MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bausch Health and MAGNUM MINING
The main advantage of trading using opposite Bausch Health and MAGNUM MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bausch Health 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.| Bausch Health vs. SAN MIGUEL BREWERY | Bausch Health vs. ARDAGH METAL PACDL 0001 | Bausch Health vs. Tsingtao Brewery | Bausch Health vs. JD SPORTS FASH |
| 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |