Correlation Between Amphenol and Bitmine Immersion
Can any of the company-specific risk be diversified away by investing in both Amphenol and Bitmine Immersion 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 Amphenol and Bitmine Immersion into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amphenol and Bitmine Immersion Technologies, you can compare the effects of market volatilities on Amphenol and Bitmine Immersion 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 Amphenol with a short position of Bitmine Immersion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amphenol and Bitmine Immersion.
Diversification Opportunities for Amphenol and Bitmine Immersion
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Amphenol and Bitmine is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Amphenol and Bitmine Immersion Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitmine Immersion and Amphenol 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 Amphenol are associated (or correlated) with Bitmine Immersion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitmine Immersion has no effect on the direction of Amphenol i.e., Amphenol and Bitmine Immersion go up and down completely randomly.
Pair Corralation between Amphenol and Bitmine Immersion
Considering the 90-day investment horizon Amphenol is expected to generate 9.82 times less return on investment than Bitmine Immersion. But when comparing it to its historical volatility, Amphenol is 12.08 times less risky than Bitmine Immersion. It trades about 0.23 of its potential returns per unit of risk. Bitmine Immersion Technologies is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 19.00 in Bitmine Immersion Technologies on August 27, 2024 and sell it today you would earn a total of 11.00 from holding Bitmine Immersion Technologies or generate 57.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amphenol vs. Bitmine Immersion Technologies
Performance |
| Timeline |
| Amphenol |
| Bitmine Immersion |
Amphenol and Bitmine Immersion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amphenol and Bitmine Immersion
The main advantage of trading using opposite Amphenol and Bitmine Immersion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amphenol position performs unexpectedly, Bitmine Immersion 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 Bitmine Immersion will offset losses from the drop in Bitmine Immersion's long position.| Amphenol vs. Plexus Corp | Amphenol vs. Jabil Circuit | Amphenol vs. Sanmina | Amphenol vs. Methode Electronics |
| Bitmine Immersion vs. LGL Group | Bitmine Immersion vs. Data IO | Bitmine Immersion vs. Sanmina | Bitmine Immersion vs. Plexus Corp |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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