Correlation Between MAGNUM MINING and 24SEVENOFFICE GROUP
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and 24SEVENOFFICE GROUP 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 24SEVENOFFICE GROUP 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 24SEVENOFFICE GROUP AB, you can compare the effects of market volatilities on MAGNUM MINING and 24SEVENOFFICE GROUP 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 24SEVENOFFICE GROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and 24SEVENOFFICE GROUP.
Diversification Opportunities for MAGNUM MINING and 24SEVENOFFICE GROUP
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and 24SEVENOFFICE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and 24SEVENOFFICE GROUP AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 24SEVENOFFICE GROUP 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 24SEVENOFFICE GROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 24SEVENOFFICE GROUP has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and 24SEVENOFFICE GROUP go up and down completely randomly.
Pair Corralation between MAGNUM MINING and 24SEVENOFFICE GROUP
If you would invest 148.00 in 24SEVENOFFICE GROUP AB on September 19, 2024 and sell it today you would earn a total of 47.00 from holding 24SEVENOFFICE GROUP AB or generate 31.76% 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. 24SEVENOFFICE GROUP AB
Performance |
| Timeline |
| MAGNUM MINING EXP |
| 24SEVENOFFICE GROUP |
MAGNUM MINING and 24SEVENOFFICE GROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and 24SEVENOFFICE GROUP
The main advantage of trading using opposite MAGNUM MINING and 24SEVENOFFICE GROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, 24SEVENOFFICE GROUP 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 24SEVENOFFICE GROUP will offset losses from the drop in 24SEVENOFFICE GROUP's long position.| MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc |
| 24SEVENOFFICE GROUP vs. DEVRY EDUCATION GRP | 24SEVENOFFICE GROUP vs. Public Storage | 24SEVENOFFICE GROUP vs. Pure Storage | 24SEVENOFFICE GROUP vs. AGF Management 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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