MGI Digital Correlations
| ALMDG Stock | EUR 19.90 0.04 0.20% |
The correlation of MGI Digital is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MGI Digital moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MGI Digital moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Average diversification
The correlation between MGI Digital and NYA is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MGI Digital and NYA in the same portfolio, assuming nothing else is changed.
MGI |
The ability to find closely correlated positions to MGI Digital could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace MGI Digital when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back MGI Digital - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling MGI Digital to buy it.
Moving together with MGI Stock
| 0.87 | BNP | BNP Paribas SA | PairCorr |
| 0.86 | ACA | Credit Agricole SA Earnings Call Today | PairCorr |
| 0.86 | GLE | Societe Generale | PairCorr |
| 0.68 | CS | AXA SA Earnings Call Today | PairCorr |
| 0.88 | TTE | TotalEnergies SE | PairCorr |
| 0.89 | ENGI | Engie SA | PairCorr |
| 0.95 | GNE | General Electric | PairCorr |
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between MGI Stock performing well and MGI Digital Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze MGI Digital's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.Be your own money manager
Our tools can tell you how much better you can do entering a position in MGI Digital without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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The danger of trading MGI Digital is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of MGI Digital is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than MGI Digital. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile MGI Digital is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in MGI Digital. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in price. Note that the MGI Digital information on this page should be used as a complementary analysis to other MGI Digital's statistical models used 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Complementary Tools for MGI Stock analysis
When running MGI Digital's price analysis, check to measure MGI Digital's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy MGI Digital is operating at the current time. Most of MGI Digital's value examination focuses on studying past and present price action to predict the probability of MGI Digital's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move MGI Digital's price. Additionally, you may evaluate how the addition of MGI Digital to your portfolios can decrease your overall portfolio volatility.
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