Correlation Between MAGNUM MINING and Welltower
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Welltower 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 Welltower 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 Welltower, you can compare the effects of market volatilities on MAGNUM MINING and Welltower 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 Welltower. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Welltower.
Diversification Opportunities for MAGNUM MINING and Welltower
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Welltower is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Welltower in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Welltower 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 Welltower. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Welltower has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Welltower go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Welltower
If you would invest 11,890 in Welltower on October 22, 2024 and sell it today you would earn a total of 690.00 from holding Welltower or generate 5.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.75% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. Welltower
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Welltower |
MAGNUM MINING and Welltower Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Welltower
The main advantage of trading using opposite MAGNUM MINING and Welltower positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Welltower 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 Welltower will offset losses from the drop in Welltower's long position.| MAGNUM MINING vs. Sunny Optical Technology | MAGNUM MINING vs. X FAB Silicon Foundries | MAGNUM MINING vs. Vishay Intertechnology | MAGNUM MINING vs. MARKET VECTR RETAIL |
| Welltower vs. ETFS Coffee ETC | Welltower vs. Constellation Software | Welltower vs. MCEWEN MINING INC | Welltower vs. MINCO SILVER |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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