Correlation Between MAGNUM MINING and CEOTRONICS (CEKSG)
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG) 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 CEOTRONICS, you can compare the effects of market volatilities on MAGNUM MINING and CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG). Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and CEOTRONICS (CEKSG).
Diversification Opportunities for MAGNUM MINING and CEOTRONICS (CEKSG)
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and CEOTRONICS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and CEOTRONICS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG). Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CEOTRONICS (CEKSG) has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and CEOTRONICS (CEKSG) go up and down completely randomly.
Pair Corralation between MAGNUM MINING and CEOTRONICS (CEKSG)
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. CEOTRONICS
Performance |
| Timeline |
| MAGNUM MINING EXP |
| CEOTRONICS (CEKSG) |
MAGNUM MINING and CEOTRONICS (CEKSG) Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and CEOTRONICS (CEKSG)
The main advantage of trading using opposite MAGNUM MINING and CEOTRONICS (CEKSG) positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG) will offset losses from the drop in CEOTRONICS (CEKSG)'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 |
| CEOTRONICS (CEKSG) vs. MAGNUM MINING EXP | CEOTRONICS (CEKSG) vs. ADRIATIC METALS LS 013355 | CEOTRONICS (CEKSG) vs. ARDAGH METAL PACDL 0001 | CEOTRONICS (CEKSG) vs. Perseus Mining Limited |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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