Bitfarms Correlations

Stocks . Canada . 
Stock . Bitfarms
BITF Stock   2.45  0.06  2.51%   
The current 90-days correlation between Bitfarms and Hut 8 Mining is 0.83 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bitfarms moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bitfarms moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bitfarms Correlation With Market

Modest diversification

The correlation between Bitfarms and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitfarms and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Bitfarms could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bitfarms 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 Bitfarms - 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 Bitfarms to buy it.

Moving together with Bitfarms Stock

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Moving against Bitfarms Stock

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  0.41WELL WELL Health TechnologiesPairCorr
  0.39GOOG Alphabet CDRPairCorr
  0.38AAPL Apple Inc CDRPairCorr
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  0.31EIF Exchange IncomePairCorr
  0.7RKV Rakovina TherapeuticsPairCorr
  0.69HOT-U American Hotel IncomePairCorr
  0.67AST Astron ConnectPairCorr
  0.66XX Avante LogixxPairCorr
  0.58ALS Altius MineralsPairCorr
  0.51NA-PW National BankPairCorr
  0.5OVT Oculus VisionTechPairCorr
  0.48SBBC Simply Better BrandsPairCorr
  0.46FFH-PK Fairfax FinancialPairCorr
  0.44PRG Precipitate Gold CorpPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
GLXY
+ 0.9
HUT
DGHI
+ 0.82
HUT
DGHI
+ 0.65
GLXY
DMGI
+ 0.61
BITF
DGHI
+ 0.34
BITF
BITF
+ 0.07
HUT
  
High negative correlations   
GLXY
- 0.5
DMGI
DMGI
- 0.42
HUT
GLXY
- 0.09
BITF
DGHI
- 0.06
DMGI

Risk-Adjusted Indicators

There is a big difference between Bitfarms Stock performing well and Bitfarms 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 Bitfarms' 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 Bitfarms 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.

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Bitfarms Corporate Management

Elected by the shareholders, the Bitfarms' board of directors comprises two types of representatives: Bitfarms inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Bitfarms. The board's role is to monitor Bitfarms' management team and ensure that shareholders' interests are well served. Bitfarms' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Bitfarms' outside directors are responsible for providing unbiased perspectives on the board's policies.
Patricia OsorioVP SecretaryProfile
Rachel SilversteinU CounselProfile
Stephanie WargoVice CommunicationsProfile
Philippe FortierSenior DevelopmentProfile
Nicolas BontaFounder ChairmanProfile
Tracy KrummeSenior RelationsProfile
Liam WilsonChief OfficerProfile
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