Correlation Between MAGNUM MINING and CanSino Biologics
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and CanSino Biologics 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 CanSino Biologics 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 CanSino Biologics, you can compare the effects of market volatilities on MAGNUM MINING and CanSino Biologics 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 CanSino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and CanSino Biologics.
Diversification Opportunities for MAGNUM MINING and CanSino Biologics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and CanSino is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and CanSino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CanSino Biologics 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 CanSino Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CanSino Biologics has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and CanSino Biologics go up and down completely randomly.
Pair Corralation between MAGNUM MINING and CanSino Biologics
If you would invest 314.00 in CanSino Biologics on September 4, 2024 and sell it today you would earn a total of 44.00 from holding CanSino Biologics or generate 14.01% 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. CanSino Biologics
Performance |
| Timeline |
| MAGNUM MINING EXP |
| CanSino Biologics |
MAGNUM MINING and CanSino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and CanSino Biologics
The main advantage of trading using opposite MAGNUM MINING and CanSino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, CanSino Biologics 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 CanSino Biologics will offset losses from the drop in CanSino Biologics' long position.| MAGNUM MINING vs. TOTAL GABON | MAGNUM MINING vs. Walgreens Boots Alliance | MAGNUM MINING vs. Peak Resources Limited |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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