Correlation Between MAGNUM MINING and CVB Financial
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and CVB Financial 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 CVB Financial 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 CVB Financial Corp, you can compare the effects of market volatilities on MAGNUM MINING and CVB Financial 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 CVB Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and CVB Financial.
Diversification Opportunities for MAGNUM MINING and CVB Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and CVB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and CVB Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CVB Financial Corp 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 CVB Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVB Financial Corp has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and CVB Financial go up and down completely randomly.
Pair Corralation between MAGNUM MINING and CVB Financial
If you would invest 6.08 in MAGNUM MINING EXP on November 7, 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 | 90.91% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. CVB Financial Corp
Performance |
| Timeline |
| MAGNUM MINING EXP |
| CVB Financial Corp |
MAGNUM MINING and CVB Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and CVB Financial
The main advantage of trading using opposite MAGNUM MINING and CVB Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, CVB Financial 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 CVB Financial will offset losses from the drop in CVB Financial's long position.| MAGNUM MINING vs. FAST RETAIL ADR | MAGNUM MINING vs. Siemens Healthineers AG | MAGNUM MINING vs. RCI Hospitality Holdings | MAGNUM MINING vs. AEON STORES |
| CVB Financial vs. SCIENCE IN SPORT | CVB Financial vs. TreeHouse Foods | CVB Financial vs. USWE SPORTS AB | CVB Financial vs. PATTIES FOODS |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |