Correlation Between MAGNUM MINING and Live Nation
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Live Nation 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 Live Nation 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 Live Nation Entertainment, you can compare the effects of market volatilities on MAGNUM MINING and Live Nation 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 Live Nation. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Live Nation.
Diversification Opportunities for MAGNUM MINING and Live Nation
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Live is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Live Nation Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Live Nation Entertainment 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 Live Nation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Live Nation Entertainment has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Live Nation go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Live Nation
If you would invest 10,770 in Live Nation Entertainment on August 28, 2024 and sell it today you would earn a total of 2,550 from holding Live Nation Entertainment or generate 23.68% 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. Live Nation Entertainment
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Live Nation Entertainment |
MAGNUM MINING and Live Nation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Live Nation
The main advantage of trading using opposite MAGNUM MINING and Live Nation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Live Nation 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 Live Nation will offset losses from the drop in Live Nation's long position.| MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Microsoft |
| Live Nation vs. QINGCI GAMES INC | Live Nation vs. Air New Zealand | Live Nation vs. GameStop Corp | Live Nation vs. FUTURE GAMING GRP |
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 CEOs Directory module to screen CEOs from public companies around the world.
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