Correlation Between MAGNUM MINING and STGEORGE MINING
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and STGEORGE MINING 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 STGEORGE MINING 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 STGEORGE MINING LTD, you can compare the effects of market volatilities on MAGNUM MINING and STGEORGE MINING 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 STGEORGE MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and STGEORGE MINING.
Diversification Opportunities for MAGNUM MINING and STGEORGE MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and STGEORGE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and STGEORGE MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STGEORGE MINING LTD 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 STGEORGE MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STGEORGE MINING LTD has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and STGEORGE MINING go up and down completely randomly.
Pair Corralation between MAGNUM MINING and STGEORGE MINING
If you would invest 1.20 in STGEORGE MINING LTD on November 5, 2024 and sell it today you would earn a total of 0.05 from holding STGEORGE MINING LTD or generate 4.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. STGEORGE MINING LTD
Performance |
| Timeline |
| MAGNUM MINING EXP |
| STGEORGE MINING LTD |
MAGNUM MINING and STGEORGE MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and STGEORGE MINING
The main advantage of trading using opposite MAGNUM MINING and STGEORGE MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, STGEORGE MINING 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 STGEORGE MINING will offset losses from the drop in STGEORGE MINING's long position.| MAGNUM MINING vs. PURETECH HEALTH PLC | MAGNUM MINING vs. Siemens Healthineers AG | MAGNUM MINING vs. Planet Fitness | MAGNUM MINING vs. EPSILON HEALTHCARE LTD |
| STGEORGE MINING vs. Tyson Foods | STGEORGE MINING vs. MONEYSUPERMARKET | STGEORGE MINING vs. PATTIES FOODS | STGEORGE MINING vs. ATRESMEDIA |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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