Correlation Between Ikigai Ventures and Magnora ASA
Can any of the company-specific risk be diversified away by investing in both Ikigai Ventures and Magnora ASA 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 Ikigai Ventures and Magnora ASA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ikigai Ventures and Magnora ASA, you can compare the effects of market volatilities on Ikigai Ventures and Magnora ASA 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 Ikigai Ventures with a short position of Magnora ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ikigai Ventures and Magnora ASA.
Diversification Opportunities for Ikigai Ventures and Magnora ASA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ikigai and Magnora is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ikigai Ventures and Magnora ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magnora ASA and Ikigai Ventures 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 Ikigai Ventures are associated (or correlated) with Magnora ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magnora ASA has no effect on the direction of Ikigai Ventures i.e., Ikigai Ventures and Magnora ASA go up and down completely randomly.
Pair Corralation between Ikigai Ventures and Magnora ASA
If you would invest 2,435 in Magnora ASA on October 9, 2024 and sell it today you would earn a total of 330.00 from holding Magnora ASA or generate 13.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ikigai Ventures vs. Magnora ASA
Performance |
| Timeline |
| Ikigai Ventures |
| Magnora ASA |
Ikigai Ventures and Magnora ASA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ikigai Ventures and Magnora ASA
The main advantage of trading using opposite Ikigai Ventures and Magnora ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ikigai Ventures position performs unexpectedly, Magnora ASA 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 Magnora ASA will offset losses from the drop in Magnora ASA's long position.| Ikigai Ventures vs. Gamma Communications PLC | Ikigai Ventures vs. United Utilities Group | Ikigai Ventures vs. Cairo Communication SpA | Ikigai Ventures vs. Roebuck Food Group |
| Magnora ASA vs. Westlake Chemical Corp | Magnora ASA vs. Coeur Mining | Magnora ASA vs. URU Metals | Magnora ASA vs. Air Products Chemicals |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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