Correlation Between Magnite and MASSIN
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By analyzing existing cross correlation between Magnite and MASSIN 3067 01 APR 52, you can compare the effects of market volatilities on Magnite and MASSIN 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 MASSIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Magnite and MASSIN.
Diversification Opportunities for Magnite and MASSIN
Excellent diversification
The 3 months correlation between Magnite and MASSIN is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Magnite and MASSIN 3067 01 APR 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MASSIN 3067 01 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 MASSIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MASSIN 3067 01 has no effect on the direction of Magnite i.e., Magnite and MASSIN go up and down completely randomly.
Pair Corralation between Magnite and MASSIN
Given the investment horizon of 90 days Magnite is expected to generate 0.81 times more return on investment than MASSIN. However, Magnite is 1.24 times less risky than MASSIN. It trades about 0.12 of its potential returns per unit of risk. MASSIN 3067 01 APR 52 is currently generating about 0.0 per unit of risk. If you would invest 1,300 in Magnite on September 25, 2024 and sell it today you would earn a total of 342.00 from holding Magnite or generate 26.31% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 51.56% |
Values | Daily Returns |
Magnite vs. MASSIN 3067 01 APR 52
Performance |
Timeline |
Magnite |
MASSIN 3067 01 |
Magnite and MASSIN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Magnite and MASSIN
The main advantage of trading using opposite Magnite and MASSIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Magnite position performs unexpectedly, MASSIN 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 MASSIN will offset losses from the drop in MASSIN's long position.Magnite vs. Deluxe | Magnite vs. Clear Channel Outdoor | Magnite vs. Entravision Communications | Magnite vs. Innovid Corp |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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