Correlation Between MAGNUM MINING and Calibre Mining
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and Calibre 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 Calibre 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 Calibre Mining Corp, you can compare the effects of market volatilities on MAGNUM MINING and Calibre 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 Calibre Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and Calibre Mining.
Diversification Opportunities for MAGNUM MINING and Calibre Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and Calibre is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and Calibre Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calibre Mining Corp 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 Calibre Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calibre Mining Corp has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and Calibre Mining go up and down completely randomly.
Pair Corralation between MAGNUM MINING and Calibre Mining
If you would invest 61.00 in Calibre Mining Corp on August 24, 2024 and sell it today you would earn a total of 99.00 from holding Calibre Mining Corp or generate 162.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
MAGNUM MINING EXP vs. Calibre Mining Corp
Performance |
| Timeline |
| MAGNUM MINING EXP |
| Calibre Mining Corp |
MAGNUM MINING and Calibre Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and Calibre Mining
The main advantage of trading using opposite MAGNUM MINING and Calibre Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, Calibre 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 Calibre Mining will offset losses from the drop in Calibre Mining's long position.| MAGNUM MINING vs. Ming Le Sports | MAGNUM MINING vs. PARKEN Sport Entertainment | MAGNUM MINING vs. GREENX METALS LTD | MAGNUM MINING vs. USWE SPORTS AB |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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