Correlation Between Mobiquity Technologies and Magnite

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Can any of the company-specific risk be diversified away by investing in both Mobiquity Technologies and Magnite 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 Mobiquity Technologies and Magnite into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mobiquity Technologies and Magnite, you can compare the effects of market volatilities on Mobiquity Technologies and Magnite 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 Mobiquity Technologies with a short position of Magnite. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mobiquity Technologies and Magnite.

Diversification Opportunities for Mobiquity Technologies and Magnite

-0.66
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Mobiquity and Magnite is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Mobiquity Technologies and Magnite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magnite and Mobiquity Technologies 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 Mobiquity Technologies are associated (or correlated) with Magnite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magnite has no effect on the direction of Mobiquity Technologies i.e., Mobiquity Technologies and Magnite go up and down completely randomly.

Pair Corralation between Mobiquity Technologies and Magnite

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 Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy4.55%
ValuesDaily Returns

Mobiquity Technologies  vs.  Magnite

 Performance 
       Timeline  
Mobiquity Technologies 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Mobiquity Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable fundamental drivers, Mobiquity Technologies is not utilizing all of its potentials. The recent stock price agitation, may contribute to short-term losses for the retail investors.
Magnite 

Risk-Adjusted Performance

7 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Magnite are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite fairly weak basic indicators, Magnite demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Mobiquity Technologies and Magnite Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Mobiquity Technologies and Magnite

The main advantage of trading using opposite Mobiquity Technologies and Magnite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mobiquity Technologies position performs unexpectedly, Magnite 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 Magnite will offset losses from the drop in Magnite's long position.
The idea behind Mobiquity Technologies and Magnite pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.

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