Correlation Between 835495AN2 and Magnite
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By analyzing existing cross correlation between SON 225 01 FEB 27 and Magnite, you can compare the effects of market volatilities on 835495AN2 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 835495AN2 with a short position of Magnite. Check out your portfolio center. Please also check ongoing floating volatility patterns of 835495AN2 and Magnite.
Diversification Opportunities for 835495AN2 and Magnite
Excellent diversification
The 3 months correlation between 835495AN2 and Magnite is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding SON 225 01 FEB 27 and Magnite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magnite and 835495AN2 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 SON 225 01 FEB 27 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 835495AN2 i.e., 835495AN2 and Magnite go up and down completely randomly.
Pair Corralation between 835495AN2 and Magnite
Assuming the 90 days trading horizon SON 225 01 FEB 27 is expected to under-perform the Magnite. But the bond apears to be less risky and, when comparing its historical volatility, SON 225 01 FEB 27 is 7.89 times less risky than Magnite. The bond trades about -0.12 of its potential returns per unit of risk. The Magnite is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,341 in Magnite on September 3, 2024 and sell it today you would earn a total of 338.00 from holding Magnite or generate 25.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 68.75% |
| Values | Daily Returns |
SON 225 01 FEB 27 vs. Magnite
Performance |
| Timeline |
| SON 225 01 |
| Magnite |
835495AN2 and Magnite Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 835495AN2 and Magnite
The main advantage of trading using opposite 835495AN2 and Magnite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 835495AN2 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.| 835495AN2 vs. Kontoor Brands | 835495AN2 vs. Summa Silver Corp | 835495AN2 vs. Vindicator Silver Lead Mining | 835495AN2 vs. Skechers USA |
| 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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