Correlation Between GungHo Online and MAGNUM MINING
Can any of the company-specific risk be diversified away by investing in both GungHo Online 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 GungHo Online and MAGNUM MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GungHo Online Entertainment and MAGNUM MINING EXP, you can compare the effects of market volatilities on GungHo Online 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 GungHo Online with a short position of MAGNUM MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of GungHo Online and MAGNUM MINING.
Diversification Opportunities for GungHo Online and MAGNUM MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GungHo and MAGNUM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GungHo Online Entertainment 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 GungHo Online 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 GungHo Online Entertainment 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 GungHo Online i.e., GungHo Online and MAGNUM MINING go up and down completely randomly.
Pair Corralation between GungHo Online and MAGNUM MINING
If you would invest 1,440 in GungHo Online Entertainment on September 2, 2024 and sell it today you would earn a total of 400.00 from holding GungHo Online Entertainment or generate 27.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
GungHo Online Entertainment vs. MAGNUM MINING EXP
Performance |
| Timeline |
| GungHo Online Entert |
| MAGNUM MINING EXP |
GungHo Online and MAGNUM MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GungHo Online and MAGNUM MINING
The main advantage of trading using opposite GungHo Online and MAGNUM MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GungHo Online 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.| GungHo Online vs. Nintendo Co | GungHo Online vs. Sea Limited | GungHo Online vs. Superior Plus Corp | GungHo Online vs. NMI Holdings |
| MAGNUM MINING vs. SIVERS SEMICONDUCTORS AB | MAGNUM MINING vs. Darden Restaurants | MAGNUM MINING vs. Reliance Steel Aluminum | MAGNUM MINING vs. Q2M Managementberatung AG |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Stocks Directory Find actively traded stocks across global markets | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |