Correlation Between MAGNUM MINING and Autodesk
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Autodesk 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 Autodesk 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 Autodesk, you can compare the effects of market volatilities on MAGNUM MINING and Autodesk 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 Autodesk. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Autodesk.
Diversification Opportunities for MAGNUM MINING and Autodesk
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Autodesk is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Autodesk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autodesk 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 Autodesk. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autodesk has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Autodesk go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Autodesk
If you would invest 28,525 in Autodesk on November 6, 2024 and sell it today you would earn a total of 1,355 from holding Autodesk or generate 4.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. Autodesk
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Autodesk |
MAGNUM MINING and Autodesk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Autodesk
The main advantage of trading using opposite MAGNUM MINING and Autodesk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Autodesk 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 Autodesk will offset losses from the drop in Autodesk's long position.| MAGNUM MINING vs. ARDAGH METAL PACDL 0001 | MAGNUM MINING vs. Zijin Mining Group | MAGNUM MINING vs. Calibre Mining Corp | MAGNUM MINING vs. GALENA MINING LTD |
| Autodesk vs. SK TELECOM TDADR | Autodesk vs. PLAYTIKA HOLDING DL 01 | Autodesk vs. ecotel communication ag | Autodesk vs. ePlay Digital |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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