Correlation Between MAGNUM MINING and CME
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and CME 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 CME 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 CME Group, you can compare the effects of market volatilities on MAGNUM MINING and CME 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 CME. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and CME.
Diversification Opportunities for MAGNUM MINING and CME
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and CME is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and CME Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CME Group 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 CME. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CME Group has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and CME go up and down completely randomly.
Pair Corralation between MAGNUM MINING and CME
If you would invest 15,132 in CME Group on October 9, 2024 and sell it today you would earn a total of 6,763 from holding CME Group or generate 44.69% 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. CME Group
Performance |
| Timeline |
| MAGNUM MINING EXP |
| CME Group |
MAGNUM MINING and CME Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and CME
The main advantage of trading using opposite MAGNUM MINING and CME positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, CME 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 CME will offset losses from the drop in CME's long position.| MAGNUM MINING vs. PENN Entertainment | MAGNUM MINING vs. REMEDY ENTERTAINMENT OYJ | MAGNUM MINING vs. Corporate Travel Management | MAGNUM MINING vs. CeoTronics AG |
| CME vs. MARKET VECTR RETAIL | CME vs. QURATE RETAIL INC | CME vs. CANON MARKETING JP | CME vs. Zurich Insurance Group |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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