Correlation Between 21Shares Polkadot and Julius Baer
Specify exactly 2 symbols:
By analyzing existing cross correlation between 21Shares Polkadot ETP and Julius Baer Edelweiss, you can compare the effects of market volatilities on 21Shares Polkadot and Julius Baer 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 Julius Baer. Check out your portfolio center. Please also check ongoing floating volatility patterns of 21Shares Polkadot and Julius Baer.
Diversification Opportunities for 21Shares Polkadot and Julius Baer
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 21Shares and Julius is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding 21Shares Polkadot ETP and Julius Baer Edelweiss in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Julius Baer Edelweiss 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 Julius Baer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Julius Baer Edelweiss has no effect on the direction of 21Shares Polkadot i.e., 21Shares Polkadot and Julius Baer go up and down completely randomly.
Pair Corralation between 21Shares Polkadot and Julius Baer
Assuming the 90 days trading horizon 21Shares Polkadot is expected to generate 1.41 times less return on investment than Julius Baer. In addition to that, 21Shares Polkadot is 7.98 times more volatile than Julius Baer Edelweiss. It trades about 0.01 of its total potential returns per unit of risk. Julius Baer Edelweiss is currently generating about 0.07 per unit of volatility. If you would invest 13,210 in Julius Baer Edelweiss on December 11, 2024 and sell it today you would earn a total of 3,228 from holding Julius Baer Edelweiss or generate 24.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 94.7% |
| Values | Daily Returns |
21Shares Polkadot ETP vs. Julius Baer Edelweiss
Performance |
| Timeline |
| 21Shares Polkadot ETP |
| Julius Baer Edelweiss |
21Shares Polkadot and Julius Baer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 21Shares Polkadot and Julius Baer
The main advantage of trading using opposite 21Shares Polkadot and Julius Baer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 21Shares Polkadot position performs unexpectedly, Julius Baer 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 Julius Baer will offset losses from the drop in Julius Baer's long position.| 21Shares Polkadot vs. 21Shares Polygon ETP | 21Shares Polkadot vs. 21Shares Ethereum Core | 21Shares Polkadot vs. 21Shares Tezos staking | 21Shares Polkadot vs. 21Shares Bitcoin 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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |