Correlation Between MAGNUM MINING and Bumrungrad Hospital
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Bumrungrad Hospital 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 Bumrungrad Hospital 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 Bumrungrad Hospital Public, you can compare the effects of market volatilities on MAGNUM MINING and Bumrungrad Hospital 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 Bumrungrad Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Bumrungrad Hospital.
Diversification Opportunities for MAGNUM MINING and Bumrungrad Hospital
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Bumrungrad is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Bumrungrad Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bumrungrad Hospital 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 Bumrungrad Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bumrungrad Hospital has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Bumrungrad Hospital go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Bumrungrad Hospital
If you would invest 80.00 in Bumrungrad Hospital Public on September 13, 2024 and sell it today you would earn a total of 465.00 from holding Bumrungrad Hospital Public or generate 581.25% 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. Bumrungrad Hospital Public
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Bumrungrad Hospital |
MAGNUM MINING and Bumrungrad Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Bumrungrad Hospital
The main advantage of trading using opposite MAGNUM MINING and Bumrungrad Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Bumrungrad Hospital 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 Bumrungrad Hospital will offset losses from the drop in Bumrungrad Hospital's long position.| MAGNUM MINING vs. Highlight Communications AG | MAGNUM MINING vs. Charter Communications | MAGNUM MINING vs. SALESFORCE INC CDR | MAGNUM MINING vs. Carsales |
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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