Correlation Between CapitaLand Investment and Mangazeya Mining
Can any of the company-specific risk be diversified away by investing in both CapitaLand Investment and Mangazeya 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 CapitaLand Investment and Mangazeya Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CapitaLand Investment Limited and Mangazeya Mining, you can compare the effects of market volatilities on CapitaLand Investment and Mangazeya 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 CapitaLand Investment with a short position of Mangazeya Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of CapitaLand Investment and Mangazeya Mining.
Diversification Opportunities for CapitaLand Investment and Mangazeya Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CapitaLand and Mangazeya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CapitaLand Investment Limited and Mangazeya Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mangazeya Mining and CapitaLand Investment 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 CapitaLand Investment Limited are associated (or correlated) with Mangazeya Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mangazeya Mining has no effect on the direction of CapitaLand Investment i.e., CapitaLand Investment and Mangazeya Mining go up and down completely randomly.
Pair Corralation between CapitaLand Investment and Mangazeya Mining
If you would invest 193.00 in CapitaLand Investment Limited on September 3, 2024 and sell it today you would lose (11.00) from holding CapitaLand Investment Limited or give up 5.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
CapitaLand Investment Limited vs. Mangazeya Mining
Performance |
| Timeline |
| CapitaLand Investment |
| Mangazeya Mining |
CapitaLand Investment and Mangazeya Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CapitaLand Investment and Mangazeya Mining
The main advantage of trading using opposite CapitaLand Investment and Mangazeya Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CapitaLand Investment position performs unexpectedly, Mangazeya 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 Mangazeya Mining will offset losses from the drop in Mangazeya Mining's long position.| CapitaLand Investment vs. IRSA Inversiones Y | CapitaLand Investment vs. Anywhere Real Estate | CapitaLand Investment vs. Newmark Group | CapitaLand Investment vs. Wharf Real Estate |
| Mangazeya Mining vs. Fortuna Silver Mines | Mangazeya Mining vs. Pan American Silver | Mangazeya Mining vs. Harmony Gold Mining | Mangazeya Mining vs. IAMGold |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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