Correlation Between Corazon Mining and Magnite

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

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

Diversification Opportunities for Corazon Mining and Magnite

-0.19

Correlation Coefficient

Corazon Mining  Magnite

Good diversification

The 3 months correlation between Corazon and Magnite is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Corazon Mining and Magnite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magnite and Corazon 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 Corazon Mining are associated (or correlated) with Magnite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magnite has no effect on the direction of Corazon Mining i.e., Corazon Mining and Magnite go up and down completely randomly.

Pair Corralation between Corazon Mining and Magnite

Assuming the 90 days horizon Corazon Mining is expected to generate 36.04 times more return on investment than Magnite. However, Corazon Mining is 36.04 times more volatile than Magnite. It trades about 0.11 of its potential returns per unit of risk. Magnite is currently generating about -0.09 per unit of risk. If you would invest  17.00  in Corazon Mining on August 4, 2025 and sell it today you would earn a total of  0.00  from holding Corazon Mining or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.48%
Values	Daily Returns

Corazon Mining  vs.  Magnite

Corazon Mining

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Corazon Mining are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, Corazon Mining reported solid returns over the last few months and may actually be approaching a breakup point.

Magnite

Risk-Adjusted Performance

Weakest

Over the last 90 days Magnite has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unsteady performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in December 2025. The recent confusion may also be a sign of long-lasting up-swing for the firm traders.

Pair Trading with Corazon Mining and Magnite

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

The idea behind Corazon Mining and Magnite 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.