Correlation Between Magnite and MASSMU
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By analyzing existing cross correlation between Magnite and MASSMU 5077 15 FEB 69, you can compare the effects of market volatilities on Magnite and MASSMU 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 Magnite with a short position of MASSMU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magnite and MASSMU.
Diversification Opportunities for Magnite and MASSMU
Very weak diversification
The 3 months correlation between Magnite and MASSMU is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Magnite and MASSMU 5077 15 FEB 69 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MASSMU 5077 15 and Magnite 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 Magnite are associated (or correlated) with MASSMU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MASSMU 5077 15 has no effect on the direction of Magnite i.e., Magnite and MASSMU go up and down completely randomly.
Pair Corralation between Magnite and MASSMU
Given the investment horizon of 90 days Magnite is expected to generate 1.93 times more return on investment than MASSMU. However, Magnite is 1.93 times more volatile than MASSMU 5077 15 FEB 69. It trades about 0.07 of its potential returns per unit of risk. MASSMU 5077 15 FEB 69 is currently generating about 0.07 per unit of risk. If you would invest 1,329 in Magnite on September 26, 2024 and sell it today you would earn a total of 288.00 from holding Magnite or generate 21.67% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 25.6% |
Values | Daily Returns |
Magnite vs. MASSMU 5077 15 FEB 69
Performance |
Timeline |
Magnite |
MASSMU 5077 15 |
Magnite and MASSMU Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Magnite and MASSMU
The main advantage of trading using opposite Magnite and MASSMU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magnite position performs unexpectedly, MASSMU 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 MASSMU will offset losses from the drop in MASSMU's long position.Magnite vs. CMG Holdings Group | Magnite vs. Beyond Commerce | Magnite vs. Mastermind | Magnite vs. Aquagold International |
MASSMU vs. Xunlei Ltd Adr | MASSMU vs. Avadel Pharmaceuticals PLC | MASSMU vs. Organic Sales and | MASSMU vs. Entravision Communications |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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