Correlation Between 21Shares Polkadot and CSIF I
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By analyzing existing cross correlation between 21Shares Polkadot ETP and CSIF I Bond, you can compare the effects of market volatilities on 21Shares Polkadot and CSIF I 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 21Shares Polkadot with a short position of CSIF I. Check out your portfolio center. Please also check ongoing floating volatility patterns of 21Shares Polkadot and CSIF I.
Diversification Opportunities for 21Shares Polkadot and CSIF I
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 21Shares and CSIF is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding 21Shares Polkadot ETP and CSIF I Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSIF I Bond and 21Shares Polkadot 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 21Shares Polkadot ETP are associated (or correlated) with CSIF I. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSIF I Bond has no effect on the direction of 21Shares Polkadot i.e., 21Shares Polkadot and CSIF I go up and down completely randomly.
Pair Corralation between 21Shares Polkadot and CSIF I
Assuming the 90 days trading horizon 21Shares Polkadot ETP is expected to generate 37.19 times more return on investment than CSIF I. However, 21Shares Polkadot is 37.19 times more volatile than CSIF I Bond. It trades about 0.2 of its potential returns per unit of risk. CSIF I Bond is currently generating about 0.18 per unit of risk. If you would invest 220.00 in 21Shares Polkadot ETP on September 20, 2024 and sell it today you would earn a total of 190.00 from holding 21Shares Polkadot ETP or generate 86.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.67% |
| Values | Daily Returns |
21Shares Polkadot ETP vs. CSIF I Bond
Performance |
| Timeline |
| 21Shares Polkadot ETP |
| CSIF I Bond |
21Shares Polkadot and CSIF I Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 21Shares Polkadot and CSIF I
The main advantage of trading using opposite 21Shares Polkadot and CSIF I positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 21Shares Polkadot position performs unexpectedly, CSIF I 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 CSIF I will offset losses from the drop in CSIF I's long position.| 21Shares Polkadot vs. Baloise Holding AG | 21Shares Polkadot vs. UBS ETF MSCI | 21Shares Polkadot vs. BB Biotech AG | 21Shares Polkadot vs. Amundi Index Solutions |
| CSIF I vs. SPDR Dow Jones | CSIF I vs. Baloise Holding AG | CSIF I vs. Banque Cantonale du | CSIF I vs. 21Shares Polkadot ETP |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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