Correlation Between 44644MAH4 and Magnite
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By analyzing existing cross correlation between HBAN 5699 18 NOV 25 and Magnite, you can compare the effects of market volatilities on 44644MAH4 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 44644MAH4 with a short position of Magnite. Check out your portfolio center. Please also check ongoing floating volatility patterns of 44644MAH4 and Magnite.
Diversification Opportunities for 44644MAH4 and Magnite
Very good diversification
The 3 months correlation between 44644MAH4 and Magnite is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding HBAN 5699 18 NOV 25 and Magnite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magnite and 44644MAH4 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 HBAN 5699 18 NOV 25 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 44644MAH4 i.e., 44644MAH4 and Magnite go up and down completely randomly.
Pair Corralation between 44644MAH4 and Magnite
Assuming the 90 days trading horizon 44644MAH4 is expected to generate 2.28 times less return on investment than Magnite. But when comparing it to its historical volatility, HBAN 5699 18 NOV 25 is 3.63 times less risky than Magnite. It trades about 0.58 of its potential returns per unit of risk. Magnite is currently generating about 0.36 of returns per unit of risk over similar time horizon. If you would invest 1,241 in Magnite on September 2, 2024 and sell it today you would earn a total of 438.00 from holding Magnite or generate 35.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 23.81% |
| Values | Daily Returns |
HBAN 5699 18 NOV 25 vs. Magnite
Performance |
| Timeline |
| HBAN 5699 18 |
| Magnite |
44644MAH4 and Magnite Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 44644MAH4 and Magnite
The main advantage of trading using opposite 44644MAH4 and Magnite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 44644MAH4 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.| 44644MAH4 vs. ATT Inc | 44644MAH4 vs. Home Depot | 44644MAH4 vs. Cisco Systems | 44644MAH4 vs. Dupont De Nemours |
| Magnite vs. Deluxe | Magnite vs. Clear Channel Outdoor | Magnite vs. Entravision Communications | Magnite vs. Innovid Corp |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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