Correlation Between Mantengu Mining and Aveng
Can any of the company-specific risk be diversified away by investing in both Mantengu Mining and Aveng 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 Mantengu Mining and Aveng into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mantengu Mining and Aveng, you can compare the effects of market volatilities on Mantengu Mining and Aveng 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 Mantengu Mining with a short position of Aveng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mantengu Mining and Aveng.
Diversification Opportunities for Mantengu Mining and Aveng
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mantengu and Aveng is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Mantengu Mining and Aveng in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aveng and Mantengu Mining 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 Mantengu Mining are associated (or correlated) with Aveng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aveng has no effect on the direction of Mantengu Mining i.e., Mantengu Mining and Aveng go up and down completely randomly.
Pair Corralation between Mantengu Mining and Aveng
Assuming the 90 days trading horizon Mantengu Mining is expected to generate 4.03 times more return on investment than Aveng. However, Mantengu Mining is 4.03 times more volatile than Aveng. It trades about 0.03 of its potential returns per unit of risk. Aveng is currently generating about -0.03 per unit of risk. If you would invest 100,000 in Mantengu Mining on December 4, 2024 and sell it today you would lose (93,500) from holding Mantengu Mining or give up 93.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Mantengu Mining vs. Aveng
Performance |
| Timeline |
| Mantengu Mining |
| Aveng |
Mantengu Mining and Aveng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mantengu Mining and Aveng
The main advantage of trading using opposite Mantengu Mining and Aveng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mantengu Mining position performs unexpectedly, Aveng 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 Aveng will offset losses from the drop in Aveng's long position.| Mantengu Mining vs. MC Mining | ||
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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