Correlation Between MAGNUM MINING and XTANT MEDICAL
Can any of the company-specific risk be diversified away by investing in both MAGNUM MINING and XTANT MEDICAL 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 XTANT MEDICAL 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 XTANT MEDICAL HLDGS, you can compare the effects of market volatilities on MAGNUM MINING and XTANT MEDICAL 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 XTANT MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGNUM MINING and XTANT MEDICAL.
Diversification Opportunities for MAGNUM MINING and XTANT MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAGNUM and XTANT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAGNUM MINING EXP and XTANT MEDICAL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XTANT MEDICAL HLDGS 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 XTANT MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XTANT MEDICAL HLDGS has no effect on the direction of MAGNUM MINING i.e., MAGNUM MINING and XTANT MEDICAL go up and down completely randomly.
Pair Corralation between MAGNUM MINING and XTANT MEDICAL
If you would invest 43.00 in XTANT MEDICAL HLDGS on October 31, 2024 and sell it today you would earn a total of 11.00 from holding XTANT MEDICAL HLDGS or generate 25.58% 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. XTANT MEDICAL HLDGS
Performance |
| Timeline |
| MAGNUM MINING EXP |
| XTANT MEDICAL HLDGS |
MAGNUM MINING and XTANT MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGNUM MINING and XTANT MEDICAL
The main advantage of trading using opposite MAGNUM MINING and XTANT MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGNUM MINING position performs unexpectedly, XTANT MEDICAL 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 XTANT MEDICAL will offset losses from the drop in XTANT MEDICAL's long position.| MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc | MAGNUM MINING vs. Apple Inc |
| XTANT MEDICAL vs. Abbott Laboratories | XTANT MEDICAL vs. Abbott Laboratories | XTANT MEDICAL vs. Medtronic PLC | XTANT MEDICAL vs. Stryker |
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 Stocks Directory module to find actively traded stocks across global markets.
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