Correlation Between MAGNUM MINING and CANON MARKETING
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and CANON MARKETING 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 CANON MARKETING 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 CANON MARKETING JP, you can compare the effects of market volatilities on MAGNUM MINING and CANON MARKETING 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 CANON MARKETING. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and CANON MARKETING.
Diversification Opportunities for MAGNUM MINING and CANON MARKETING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and CANON is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and CANON MARKETING JP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CANON MARKETING JP 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 CANON MARKETING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CANON MARKETING JP has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and CANON MARKETING go up and down completely randomly.
Pair Corralation between MAGNUM MINING and CANON MARKETING
If you would invest 6.08 in MAGNUM MINING EXP on October 17, 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. CANON MARKETING JP
Performance |
| Timeline |
| MAGNUM MINING EXP |
| CANON MARKETING JP |
MAGNUM MINING and CANON MARKETING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and CANON MARKETING
The main advantage of trading using opposite MAGNUM MINING and CANON MARKETING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, CANON MARKETING 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 CANON MARKETING will offset losses from the drop in CANON MARKETING's long position.| MAGNUM MINING vs. National Beverage Corp | MAGNUM MINING vs. Texas Roadhouse | MAGNUM MINING vs. MOLSON RS BEVERAGE | MAGNUM MINING vs. BROADWIND ENRGY |
| CANON MARKETING vs. Carnegie Clean Energy | CANON MARKETING vs. Harmony Gold Mining | CANON MARKETING vs. FIREWEED METALS P | CANON MARKETING vs. Playa Hotels Resorts |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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