Correlation Between IZafe Group and MAG Interactive
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By analyzing existing cross correlation between iZafe Group AB and MAG Interactive AB, you can compare the effects of market volatilities on IZafe Group and MAG Interactive 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 IZafe Group with a short position of MAG Interactive. Check out your portfolio center. Please also check ongoing floating volatility patterns of IZafe Group and MAG Interactive.
Diversification Opportunities for IZafe Group and MAG Interactive
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between IZafe and MAG is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding iZafe Group AB and MAG Interactive AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAG Interactive AB and IZafe Group 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 iZafe Group AB are associated (or correlated) with MAG Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAG Interactive AB has no effect on the direction of IZafe Group i.e., IZafe Group and MAG Interactive go up and down completely randomly.
Pair Corralation between IZafe Group and MAG Interactive
Assuming the 90 days trading horizon iZafe Group AB is expected to under-perform the MAG Interactive. In addition to that, IZafe Group is 1.81 times more volatile than MAG Interactive AB. It trades about -0.01 of its total potential returns per unit of risk. MAG Interactive AB is currently generating about 0.17 per unit of volatility. If you would invest 750.00 in MAG Interactive AB on August 29, 2024 and sell it today you would earn a total of 90.00 from holding MAG Interactive AB or generate 12.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
iZafe Group AB vs. MAG Interactive AB
Performance |
| Timeline |
| iZafe Group AB |
| MAG Interactive AB |
IZafe Group and MAG Interactive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IZafe Group and MAG Interactive
The main advantage of trading using opposite IZafe Group and MAG Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IZafe Group position performs unexpectedly, MAG Interactive 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 MAG Interactive will offset losses from the drop in MAG Interactive's long position.| IZafe Group vs. Sprint Bioscience AB | IZafe Group vs. Acarix AS | IZafe Group vs. Annexin Pharmaceuticals AB |
| MAG Interactive vs. G5 Entertainment publ | MAG Interactive vs. Stillfront Group AB | MAG Interactive vs. Kambi Group PLC | MAG Interactive vs. Enad Global 7 |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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