Correlation Between Magnite and Mobiquity Technologies
Can any of the company-specific risk be diversified away by investing in both Magnite and Mobiquity Technologies 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 Mobiquity Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Magnite and Mobiquity Technologies, you can compare the effects of market volatilities on Magnite and Mobiquity Technologies 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 Mobiquity Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magnite and Mobiquity Technologies.
Diversification Opportunities for Magnite and Mobiquity Technologies
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Magnite and Mobiquity is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Magnite and Mobiquity Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mobiquity Technologies 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 Mobiquity Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mobiquity Technologies has no effect on the direction of Magnite i.e., Magnite and Mobiquity Technologies go up and down completely randomly.
Pair Corralation between Magnite and Mobiquity Technologies
If you would invest 1,252 in Magnite on August 30, 2024 and sell it today you would earn a total of 410.00 from holding Magnite or generate 32.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Magnite vs. Mobiquity Technologies
Performance |
| Timeline |
| Magnite |
| Mobiquity Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Magnite and Mobiquity Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Magnite and Mobiquity Technologies
The main advantage of trading using opposite Magnite and Mobiquity Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magnite position performs unexpectedly, Mobiquity Technologies 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 Mobiquity Technologies will offset losses from the drop in Mobiquity Technologies' long position.| Magnite vs. Capital Income Builder | Magnite vs. Direxion Daily FTSE | Magnite vs. Dodge Global Stock | Magnite vs. Collegium Pharmaceutical |
| Mobiquity Technologies vs. National CineMedia | Mobiquity Technologies vs. Baosheng Media Group | Mobiquity Technologies vs. MGO Global Common | Mobiquity Technologies vs. ZW Data Action |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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