Correlation Between Mangazeya Mining and Crown LNG

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

By analyzing existing cross correlation between Mangazeya Mining and Crown LNG Holdings, you can compare the effects of market volatilities on Mangazeya Mining and Crown LNG 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 Crown LNG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mangazeya Mining and Crown LNG.

Diversification Opportunities for Mangazeya Mining and Crown LNG

0.0

Correlation Coefficient

Mangazeya Mining  Crown LNG

Pay attention - limited upside

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

Pair Corralation between Mangazeya Mining and Crown LNG

If you would invest  1.28  in Crown LNG Holdings on September 12, 2024 and sell it today you would earn a total of  2.22  from holding Crown LNG Holdings or generate 173.44% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	95.31%
Values	Daily Returns

Mangazeya Mining  vs.  Crown LNG Holdings

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 latest stock price disturbance, may contribute to mid-run losses for the stockholders.

Crown LNG Holdings

Risk-Adjusted Performance

13 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Crown LNG Holdings are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. In spite of fairly unsteady basic indicators, Crown LNG showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Mangazeya Mining and Crown LNG

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

The idea behind Mangazeya Mining and Crown LNG Holdings 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.

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.