Correlation Between Magnite and 26439XAH6
Specify exactly 2 symbols:
By analyzing existing cross correlation between Magnite and Duke Energy Field, you can compare the effects of market volatilities on Magnite and 26439XAH6 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 26439XAH6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magnite and 26439XAH6.
Diversification Opportunities for Magnite and 26439XAH6
Excellent diversification
The 3 months correlation between Magnite and 26439XAH6 is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Magnite and Duke Energy Field in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duke Energy Field 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 26439XAH6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duke Energy Field has no effect on the direction of Magnite i.e., Magnite and 26439XAH6 go up and down completely randomly.
Pair Corralation between Magnite and 26439XAH6
Given the investment horizon of 90 days Magnite is expected to generate 73.52 times less return on investment than 26439XAH6. But when comparing it to its historical volatility, Magnite is 29.28 times less risky than 26439XAH6. It trades about 0.04 of its potential returns per unit of risk. Duke Energy Field is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 10,003 in Duke Energy Field on September 13, 2024 and sell it today you would earn a total of 585.00 from holding Duke Energy Field or generate 5.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 41.3% |
| Values | Daily Returns |
Magnite vs. Duke Energy Field
Performance |
| Timeline |
| Magnite |
| Duke Energy Field |
Magnite and 26439XAH6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Magnite and 26439XAH6
The main advantage of trading using opposite Magnite and 26439XAH6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magnite position performs unexpectedly, 26439XAH6 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 26439XAH6 will offset losses from the drop in 26439XAH6's long position.| Magnite vs. Mirriad Advertising plc | Magnite vs. INEO Tech Corp | Magnite vs. Kidoz Inc | Magnite vs. Marchex |
| 26439XAH6 vs. Allegiant Travel | 26439XAH6 vs. National CineMedia | 26439XAH6 vs. Magnite | 26439XAH6 vs. Organic Sales and |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |