Correlation Between Autodesk and Magic Software
Can any of the company-specific risk be diversified away by investing in both Autodesk and Magic Software 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 Autodesk and Magic Software into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Autodesk and Magic Software Enterprises, you can compare the effects of market volatilities on Autodesk and Magic Software 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 Autodesk with a short position of Magic Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autodesk and Magic Software.
Diversification Opportunities for Autodesk and Magic Software
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Autodesk and Magic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Autodesk and Magic Software Enterprises in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magic Software Enter and Autodesk 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 Autodesk are associated (or correlated) with Magic Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magic Software Enter has no effect on the direction of Autodesk i.e., Autodesk and Magic Software go up and down completely randomly.
Pair Corralation between Autodesk and Magic Software
If you would invest 0.00 in Autodesk on July 20, 2025 and sell it today you would earn a total of 0.00 from holding Autodesk or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.52% |
| Values | Daily Returns |
Autodesk vs. Magic Software Enterprises
Performance |
| Timeline |
| Autodesk |
Risk-Adjusted Performance
Weakest
Weak | Strong |
| Magic Software Enter |
Autodesk and Magic Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autodesk and Magic Software
The main advantage of trading using opposite Autodesk and Magic Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autodesk position performs unexpectedly, Magic Software 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 Software will offset losses from the drop in Magic Software's long position.| Autodesk vs. British American Tobacco | Autodesk vs. GAMES OPERATORS SA | Autodesk vs. International Game Technology | Autodesk vs. PENN NATL GAMING |
| Magic Software vs. HF SINCLAIR P | Magic Software vs. DeVry Education Group | Magic Software vs. Wizz Air Holdings | Magic Software vs. STRAYER EDUCATION |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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