Correlation Between SpringBig Holdings and Magic Empire
Can any of the company-specific risk be diversified away by investing in both SpringBig Holdings and Magic Empire 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 SpringBig Holdings and Magic Empire into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SpringBig Holdings and Magic Empire Global, you can compare the effects of market volatilities on SpringBig Holdings and Magic Empire 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 SpringBig Holdings with a short position of Magic Empire. Check out your portfolio center. Please also check ongoing floating volatility patterns of SpringBig Holdings and Magic Empire.
Diversification Opportunities for SpringBig Holdings and Magic Empire
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SpringBig and Magic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SpringBig Holdings and Magic Empire Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magic Empire Global and SpringBig Holdings 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 SpringBig Holdings are associated (or correlated) with Magic Empire. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magic Empire Global has no effect on the direction of SpringBig Holdings i.e., SpringBig Holdings and Magic Empire go up and down completely randomly.
Pair Corralation between SpringBig Holdings and Magic Empire
If you would invest 121.00 in Magic Empire Global on May 2, 2025 and sell it today you would earn a total of 16.00 from holding Magic Empire Global or generate 13.22% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
SpringBig Holdings vs. Magic Empire Global
Performance |
Timeline |
SpringBig Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Magic Empire Global |
SpringBig Holdings and Magic Empire Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SpringBig Holdings and Magic Empire
The main advantage of trading using opposite SpringBig Holdings and Magic Empire positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SpringBig Holdings position performs unexpectedly, Magic Empire 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 Magic Empire will offset losses from the drop in Magic Empire's long position.SpringBig Holdings vs. Auddia Inc | SpringBig Holdings vs. OLB Group | SpringBig Holdings vs. Freight Technologies | SpringBig Holdings vs. Heart Test Laboratories |
Magic Empire vs. Zhong Yang Financial | Magic Empire vs. Netcapital | Magic Empire vs. SAIHEAT Limited | Magic Empire vs. AMTD Digital |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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