Correlation Between MAGNUM MINING and SIEM OFFSHORE
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and SIEM OFFSHORE 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 SIEM OFFSHORE 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 SIEM OFFSHORE NEW, you can compare the effects of market volatilities on MAGNUM MINING and SIEM OFFSHORE 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 SIEM OFFSHORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and SIEM OFFSHORE.
Diversification Opportunities for MAGNUM MINING and SIEM OFFSHORE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and SIEM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and SIEM OFFSHORE NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SIEM OFFSHORE NEW 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 SIEM OFFSHORE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SIEM OFFSHORE NEW has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and SIEM OFFSHORE go up and down completely randomly.
Pair Corralation between MAGNUM MINING and SIEM OFFSHORE
If you would invest 219.00 in SIEM OFFSHORE NEW on August 30, 2024 and sell it today you would earn a total of 31.00 from holding SIEM OFFSHORE NEW or generate 14.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. SIEM OFFSHORE NEW
Performance |
| Timeline |
| MAGNUM MINING EXP |
| SIEM OFFSHORE NEW |
MAGNUM MINING and SIEM OFFSHORE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and SIEM OFFSHORE
The main advantage of trading using opposite MAGNUM MINING and SIEM OFFSHORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, SIEM OFFSHORE 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 SIEM OFFSHORE will offset losses from the drop in SIEM OFFSHORE's long position.| MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Superior Plus Corp | MAGNUM MINING vs. SIVERS SEMICONDUCTORS AB |
| SIEM OFFSHORE vs. UET United Electronic | SIEM OFFSHORE vs. LG Electronics | SIEM OFFSHORE vs. Computer And Technologies | SIEM OFFSHORE vs. ARROW ELECTRONICS |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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