Correlation Between New York and MAGNUM MINING
Can any of the company-specific risk be diversified away by investing in both New York and MAGNUM MINING 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 New York and MAGNUM MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The New York and MAGNUM MINING EXP, you can compare the effects of market volatilities on New York and MAGNUM MINING 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 New York with a short position of MAGNUM MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of New York and MAGNUM MINING.
Diversification Opportunities for New York and MAGNUM MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between New and MAGNUM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The New York and MAGNUM MINING EXP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAGNUM MINING EXP and New York 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 The New York are associated (or correlated) with MAGNUM MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAGNUM MINING EXP has no effect on the direction of New York i.e., New York and MAGNUM MINING go up and down completely randomly.
Pair Corralation between New York and MAGNUM MINING
If you would invest 5,120 in The New York on August 29, 2024 and sell it today you would earn a total of 106.00 from holding The New York or generate 2.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
The New York vs. MAGNUM MINING EXP
Performance |
| Timeline |
| New York |
| MAGNUM MINING EXP |
New York and MAGNUM MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with New York and MAGNUM MINING
The main advantage of trading using opposite New York and MAGNUM MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if New York position performs unexpectedly, MAGNUM MINING 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 MAGNUM MINING will offset losses from the drop in MAGNUM MINING's long position.| New York vs. MAGNUM MINING EXP | New York vs. SBM OFFSHORE | New York vs. MCEWEN MINING INC | New York vs. RYU Apparel |
| MAGNUM MINING vs. WT OFFSHORE | MAGNUM MINING vs. Astral Foods Limited | MAGNUM MINING vs. Tyson Foods | MAGNUM MINING vs. Performance Food Group |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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