Correlation Between MAG Silver and Santacruz Silv
Can any of the company-specific risk be diversified away by investing in both MAG Silver and Santacruz Silv 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 MAG Silver and Santacruz Silv into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MAG Silver Corp and Santacruz Silv, you can compare the effects of market volatilities on MAG Silver and Santacruz Silv 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 MAG Silver with a short position of Santacruz Silv. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAG Silver and Santacruz Silv.
Diversification Opportunities for MAG Silver and Santacruz Silv
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAG and Santacruz is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MAG Silver Corp and Santacruz Silv in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Santacruz Silv and MAG Silver 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 MAG Silver Corp are associated (or correlated) with Santacruz Silv. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Santacruz Silv has no effect on the direction of MAG Silver i.e., MAG Silver and Santacruz Silv go up and down completely randomly.
Pair Corralation between MAG Silver and Santacruz Silv
If you would invest 1,050 in MAG Silver Corp on December 11, 2024 and sell it today you would earn a total of 368.00 from holding MAG Silver Corp or generate 35.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
MAG Silver Corp vs. Santacruz Silv
Performance |
| Timeline |
| MAG Silver Corp |
| Santacruz Silv |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
MAG Silver and Santacruz Silv Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAG Silver and Santacruz Silv
The main advantage of trading using opposite MAG Silver and Santacruz Silv positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAG Silver position performs unexpectedly, Santacruz Silv 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 Santacruz Silv will offset losses from the drop in Santacruz Silv's long position.| MAG Silver vs. Silvercorp Metals | ||
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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