Correlation Between MAGNUM MINING and Citic Telecom
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Citic Telecom 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 Citic Telecom 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 Citic Telecom International, you can compare the effects of market volatilities on MAGNUM MINING and Citic Telecom 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 Citic Telecom. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Citic Telecom.
Diversification Opportunities for MAGNUM MINING and Citic Telecom
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Citic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Citic Telecom International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citic Telecom Intern 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 Citic Telecom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citic Telecom Intern has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Citic Telecom go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Citic Telecom
If you would invest 27.00 in Citic Telecom International on October 12, 2024 and sell it today you would earn a total of 0.00 from holding Citic Telecom International or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. Citic Telecom International
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Citic Telecom Intern |
MAGNUM MINING and Citic Telecom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Citic Telecom
The main advantage of trading using opposite MAGNUM MINING and Citic Telecom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Citic Telecom 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 Citic Telecom will offset losses from the drop in Citic Telecom's long position.| MAGNUM MINING vs. DATAGROUP SE | MAGNUM MINING vs. TERADATA | MAGNUM MINING vs. Northern Data AG | MAGNUM MINING vs. ARDAGH METAL PACDL 0001 |
| Citic Telecom vs. MCEWEN MINING INC | Citic Telecom vs. ARDAGH METAL PACDL 0001 | Citic Telecom vs. MAGNUM MINING EXP | Citic Telecom vs. Western Copper and |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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