Correlation Between MAGNUM MINING and Hongkong Land
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Hongkong Land 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 Hongkong Land 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 Hongkong Land Holdings, you can compare the effects of market volatilities on MAGNUM MINING and Hongkong Land 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 Hongkong Land. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Hongkong Land.
Diversification Opportunities for MAGNUM MINING and Hongkong Land
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Hongkong is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Hongkong Land Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hongkong Land Holdings 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 Hongkong Land. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hongkong Land Holdings has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Hongkong Land go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Hongkong Land
If you would invest 332.00 in Hongkong Land Holdings on September 3, 2024 and sell it today you would earn a total of 96.00 from holding Hongkong Land Holdings or generate 28.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. Hongkong Land Holdings
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Hongkong Land Holdings |
MAGNUM MINING and Hongkong Land Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Hongkong Land
The main advantage of trading using opposite MAGNUM MINING and Hongkong Land positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Hongkong Land 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 Hongkong Land will offset losses from the drop in Hongkong Land's long position.| MAGNUM MINING vs. CHINA EDUCATION GROUP | MAGNUM MINING vs. INTERSHOP Communications Aktiengesellschaft | MAGNUM MINING vs. STRAYER EDUCATION | MAGNUM MINING vs. EEDUCATION ALBERT AB |
| Hongkong Land vs. MAGNUM MINING EXP | Hongkong Land vs. Zijin Mining Group | Hongkong Land vs. LG Display Co | Hongkong Land vs. Diamondrock Hospitality Co |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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