Correlation Between Magnite and CHKEZ Old
Can any of the company-specific risk be diversified away by investing in both Magnite and CHKEZ Old 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 Magnite and CHKEZ Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Magnite and CHKEZ Old, you can compare the effects of market volatilities on Magnite and CHKEZ Old 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 Magnite with a short position of CHKEZ Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magnite and CHKEZ Old.
Diversification Opportunities for Magnite and CHKEZ Old
Pay attention - limited upside
The 3 months correlation between Magnite and CHKEZ is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Magnite and CHKEZ Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CHKEZ Old and Magnite 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 Magnite are associated (or correlated) with CHKEZ Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CHKEZ Old has no effect on the direction of Magnite i.e., Magnite and CHKEZ Old go up and down completely randomly.
Pair Corralation between Magnite and CHKEZ Old
If you would invest 1,713 in Magnite on November 4, 2024 and sell it today you would earn a total of 7.00 from holding Magnite or generate 0.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Magnite vs. CHKEZ Old
Performance |
| Timeline |
| Magnite |
| CHKEZ Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Magnite and CHKEZ Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Magnite and CHKEZ Old
The main advantage of trading using opposite Magnite and CHKEZ Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magnite position performs unexpectedly, CHKEZ Old 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 CHKEZ Old will offset losses from the drop in CHKEZ Old's long position.| Magnite vs. Deluxe | Magnite vs. Clear Channel Outdoor | Magnite vs. Entravision Communications | Magnite vs. Innovid Corp |
| CHKEZ Old vs. CF Industries Holdings | CHKEZ Old vs. Commonwealth Bank of | CHKEZ Old vs. CVR Partners LP | CHKEZ Old vs. Cheche Group Class |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |