Correlation Between Mangazeya Mining and Xunlei
Can any of the company-specific risk be diversified away by investing in both Mangazeya Mining and Xunlei 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 Mangazeya Mining and Xunlei into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mangazeya Mining and Xunlei Ltd Adr, you can compare the effects of market volatilities on Mangazeya Mining and Xunlei 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 Mangazeya Mining with a short position of Xunlei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mangazeya Mining and Xunlei.
Diversification Opportunities for Mangazeya Mining and Xunlei
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mangazeya and Xunlei is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mangazeya Mining and Xunlei Ltd Adr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xunlei Ltd Adr and Mangazeya 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 Mangazeya Mining are associated (or correlated) with Xunlei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xunlei Ltd Adr has no effect on the direction of Mangazeya Mining i.e., Mangazeya Mining and Xunlei go up and down completely randomly.
Pair Corralation between Mangazeya Mining and Xunlei
If you would invest 197.00 in Xunlei Ltd Adr on November 28, 2024 and sell it today you would earn a total of 91.00 from holding Xunlei Ltd Adr or generate 46.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Mangazeya Mining vs. Xunlei Ltd Adr
Performance |
| Timeline |
| Mangazeya Mining |
| Xunlei Ltd Adr |
Mangazeya Mining and Xunlei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mangazeya Mining and Xunlei
The main advantage of trading using opposite Mangazeya Mining and Xunlei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mangazeya Mining position performs unexpectedly, Xunlei 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 Xunlei will offset losses from the drop in Xunlei's long position.| Mangazeya Mining vs. Fortuna Silver Mines | Mangazeya Mining vs. Pan American Silver | Mangazeya Mining vs. Harmony Gold Mining | Mangazeya Mining vs. IAMGold |
| Xunlei vs. Travelzoo | Xunlei vs. Emerald Expositions Events | Xunlei vs. Ziff Davis | Xunlei vs. Direct Digital Holdings |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |