Correlation Between Magna International and Citius Oncology,
Can any of the company-specific risk be diversified away by investing in both Magna International and Citius Oncology, 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 Magna International and Citius Oncology, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Magna International and Citius Oncology,, you can compare the effects of market volatilities on Magna International and Citius Oncology, 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 Magna International with a short position of Citius Oncology,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magna International and Citius Oncology,.
Diversification Opportunities for Magna International and Citius Oncology,
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Magna and Citius is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Magna International and Citius Oncology, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citius Oncology, and Magna International 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 Magna International are associated (or correlated) with Citius Oncology,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citius Oncology, has no effect on the direction of Magna International i.e., Magna International and Citius Oncology, go up and down completely randomly.
Pair Corralation between Magna International and Citius Oncology,
Considering the 90-day investment horizon Magna International is expected to generate 0.14 times more return on investment than Citius Oncology,. However, Magna International is 7.0 times less risky than Citius Oncology,. It trades about -0.04 of its potential returns per unit of risk. Citius Oncology, is currently generating about -0.15 per unit of risk. If you would invest 5,579 in Magna International on September 14, 2024 and sell it today you would lose (1,158) from holding Magna International or give up 20.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 35.34% |
| Values | Daily Returns |
Magna International vs. Citius Oncology,
Performance |
| Timeline |
| Magna International |
| Citius Oncology, |
Magna International and Citius Oncology, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Magna International and Citius Oncology,
The main advantage of trading using opposite Magna International and Citius Oncology, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magna International position performs unexpectedly, Citius Oncology, 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 Citius Oncology, will offset losses from the drop in Citius Oncology,'s long position.| Magna International vs. Allison Transmission Holdings | Magna International vs. Aptiv PLC | Magna International vs. LKQ Corporation | Magna International vs. Lear Corporation |
| Citius Oncology, vs. Molecular Partners AG | Citius Oncology, vs. MediciNova | Citius Oncology, vs. Anebulo Pharmaceuticals | Citius Oncology, vs. Shattuck Labs |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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