Correlation Between ANZNZ and Mangazeya Mining

Can any of the company-specific risk be diversified away by investing in both ANZNZ and Mangazeya 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 ANZNZ and Mangazeya Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between ANZNZ 345 17 JUL 27 and Mangazeya Mining, you can compare the effects of market volatilities on ANZNZ and Mangazeya 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 ANZNZ with a short position of Mangazeya Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANZNZ and Mangazeya Mining.

Diversification Opportunities for ANZNZ and Mangazeya Mining

0.0

Correlation Coefficient

ANZNZ  Mangazeya Mining

Pay attention - limited upside

The 3 months correlation between ANZNZ and Mangazeya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ANZNZ 345 17 JUL 27 and Mangazeya Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mangazeya Mining and ANZNZ 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 ANZNZ 345 17 JUL 27 are associated (or correlated) with Mangazeya Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mangazeya Mining has no effect on the direction of ANZNZ i.e., ANZNZ and Mangazeya Mining go up and down completely randomly.

Pair Corralation between ANZNZ and Mangazeya Mining

If you would invest  9,539  in ANZNZ 345 17 JUL 27 on September 30, 2024 and sell it today you would earn a total of  178.00  from holding ANZNZ 345 17 JUL 27 or generate 1.87% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	29.6%
Values	Daily Returns

ANZNZ 345 17 JUL 27  vs.  Mangazeya Mining

ANZNZ 345 17

Risk-Adjusted Performance

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Very Weak

Over the last 90 days ANZNZ 345 17 JUL 27 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, ANZNZ is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Mangazeya Mining

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Mangazeya Mining has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Mangazeya Mining is not utilizing all of its potentials. The recent stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with ANZNZ and Mangazeya Mining

The main advantage of trading using opposite ANZNZ and Mangazeya Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANZNZ position performs unexpectedly, Mangazeya 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 Mangazeya Mining will offset losses from the drop in Mangazeya Mining's long position.

The idea behind ANZNZ 345 17 JUL 27 and Mangazeya Mining pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Anywhere module to track or share privately all of your investments from the convenience of any device.