Correlation Between MAGNUM MINING and Lion One
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Lion One 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 Lion One 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 Lion One Metals, you can compare the effects of market volatilities on MAGNUM MINING and Lion One 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 Lion One. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Lion One.
Diversification Opportunities for MAGNUM MINING and Lion One
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Lion is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Lion One Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lion One Metals 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 Lion One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lion One Metals has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Lion One go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Lion One
If you would invest 16.00 in Lion One Metals on October 21, 2024 and sell it today you would earn a total of 4.00 from holding Lion One Metals or generate 25.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.12% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. Lion One Metals
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Lion One Metals |
MAGNUM MINING and Lion One Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Lion One
The main advantage of trading using opposite MAGNUM MINING and Lion One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Lion One 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 Lion One will offset losses from the drop in Lion One's long position.| MAGNUM MINING vs. Universal Health Realty | MAGNUM MINING vs. JD SPORTS FASH | MAGNUM MINING vs. DAIDO METAL TD | MAGNUM MINING vs. Forsys Metals Corp |
| Lion One vs. FARM 51 GROUP | Lion One vs. AGRICULTBK HADR25 YC | Lion One vs. ALEFARM BREWING DK 05 | Lion One vs. Chongqing Machinery Electric |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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