Correlation Between MAGNUM MINING and Vishay Intertechnology
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Vishay Intertechnology 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 Vishay Intertechnology 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 Vishay Intertechnology, you can compare the effects of market volatilities on MAGNUM MINING and Vishay Intertechnology 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 Vishay Intertechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Vishay Intertechnology.
Diversification Opportunities for MAGNUM MINING and Vishay Intertechnology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Vishay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Vishay Intertechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vishay Intertechnology 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 Vishay Intertechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vishay Intertechnology has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Vishay Intertechnology go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Vishay Intertechnology
If you would invest 1,640 in Vishay Intertechnology on October 25, 2024 and sell it today you would earn a total of 2.00 from holding Vishay Intertechnology or generate 0.12% 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. Vishay Intertechnology
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Vishay Intertechnology |
MAGNUM MINING and Vishay Intertechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Vishay Intertechnology
The main advantage of trading using opposite MAGNUM MINING and Vishay Intertechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Vishay Intertechnology 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 Vishay Intertechnology will offset losses from the drop in Vishay Intertechnology's long position.| MAGNUM MINING vs. Aristocrat Leisure Limited | MAGNUM MINING vs. COLUMBIA SPORTSWEAR | MAGNUM MINING vs. Playa Hotels Resorts | MAGNUM MINING vs. Columbia Sportswear |
| Vishay Intertechnology vs. Apple Inc | Vishay Intertechnology vs. Apple Inc | Vishay Intertechnology vs. Apple Inc | Vishay Intertechnology vs. Apple Inc |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |