Correlation Between MAGNUM MINING and INPOST SA
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and INPOST SA 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 INPOST SA 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 INPOST SA EO, you can compare the effects of market volatilities on MAGNUM MINING and INPOST SA 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 INPOST SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and INPOST SA.
Diversification Opportunities for MAGNUM MINING and INPOST SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and INPOST is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and INPOST SA EO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INPOST SA 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 INPOST SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INPOST SA EO has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and INPOST SA go up and down completely randomly.
Pair Corralation between MAGNUM MINING and INPOST SA
If you would invest 6.08 in MAGNUM MINING EXP on October 26, 2024 and sell it today you would earn a total of 0.00 from holding MAGNUM MINING EXP or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. INPOST SA EO
Performance |
| Timeline |
| MAGNUM MINING EXP |
| INPOST SA EO |
MAGNUM MINING and INPOST SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and INPOST SA
The main advantage of trading using opposite MAGNUM MINING and INPOST SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, INPOST SA 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 INPOST SA will offset losses from the drop in INPOST SA's long position.| MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc |
| INPOST SA vs. AUST AGRICULTURAL | INPOST SA vs. InPlay Oil Corp | INPOST SA vs. Clean Energy Fuels | INPOST SA vs. AGRICULTBK HADR25 YC |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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