Correlation Between MAGNUM MINING and CDL INVESTMENT
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and CDL INVESTMENT 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 CDL INVESTMENT 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 CDL INVESTMENT, you can compare the effects of market volatilities on MAGNUM MINING and CDL INVESTMENT 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 CDL INVESTMENT. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and CDL INVESTMENT.
Diversification Opportunities for MAGNUM MINING and CDL INVESTMENT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and CDL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and CDL INVESTMENT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CDL INVESTMENT 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 CDL INVESTMENT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CDL INVESTMENT has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and CDL INVESTMENT go up and down completely randomly.
Pair Corralation between MAGNUM MINING and CDL INVESTMENT
If you would invest 6.08 in MAGNUM MINING EXP on October 11, 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 | 100.0% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. CDL INVESTMENT
Performance |
| Timeline |
| MAGNUM MINING EXP |
| CDL INVESTMENT |
MAGNUM MINING and CDL INVESTMENT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and CDL INVESTMENT
The main advantage of trading using opposite MAGNUM MINING and CDL INVESTMENT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, CDL INVESTMENT 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 CDL INVESTMENT will offset losses from the drop in CDL INVESTMENT's long position.| MAGNUM MINING vs. Playtech plc | MAGNUM MINING vs. TRAVEL LEISURE DL 01 | MAGNUM MINING vs. Gaming and Leisure | MAGNUM MINING vs. PLAYWAY SA ZY 10 |
| CDL INVESTMENT vs. SOGECLAIR SA INH | CDL INVESTMENT vs. ScanSource | CDL INVESTMENT vs. SEALED AIR | CDL INVESTMENT vs. Pentair plc |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |