Correlation Between MAGNUM MINING and AXWAY SOFTWARE
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and AXWAY SOFTWARE 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 MAGNUM MINING and AXWAY SOFTWARE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MAGNUM MINING EXP and AXWAY SOFTWARE EO, you can compare the effects of market volatilities on MAGNUM MINING and AXWAY SOFTWARE 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 MAGNUM MINING with a short position of AXWAY SOFTWARE. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and AXWAY SOFTWARE.
Diversification Opportunities for MAGNUM MINING and AXWAY SOFTWARE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and AXWAY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and AXWAY SOFTWARE EO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXWAY SOFTWARE EO and MAGNUM MINING 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 MAGNUM MINING EXP are associated (or correlated) with AXWAY SOFTWARE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXWAY SOFTWARE EO has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and AXWAY SOFTWARE go up and down completely randomly.
Pair Corralation between MAGNUM MINING and AXWAY SOFTWARE
If you would invest 1,553 in AXWAY SOFTWARE EO on August 28, 2024 and sell it today you would earn a total of 1,207 from holding AXWAY SOFTWARE EO or generate 77.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. AXWAY SOFTWARE EO
Performance |
| Timeline |
| MAGNUM MINING EXP |
| AXWAY SOFTWARE EO |
MAGNUM MINING and AXWAY SOFTWARE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and AXWAY SOFTWARE
The main advantage of trading using opposite MAGNUM MINING and AXWAY SOFTWARE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, AXWAY SOFTWARE 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 AXWAY SOFTWARE will offset losses from the drop in AXWAY SOFTWARE's long position.| MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Microsoft |
| AXWAY SOFTWARE vs. ZANAGA IRON ORE | AXWAY SOFTWARE vs. MAGNUM MINING EXP | AXWAY SOFTWARE vs. Zijin Mining Group | AXWAY SOFTWARE vs. Perseus Mining Limited |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |