Correlation Between Applied Blockchain and APACHE
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By analyzing existing cross correlation between Applied Blockchain and APACHE P 525, you can compare the effects of market volatilities on Applied Blockchain and APACHE 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 Applied Blockchain with a short position of APACHE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Applied Blockchain and APACHE.
Diversification Opportunities for Applied Blockchain and APACHE
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Applied and APACHE is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Applied Blockchain and APACHE P 525 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APACHE P 525 and Applied Blockchain 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 Applied Blockchain are associated (or correlated) with APACHE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APACHE P 525 has no effect on the direction of Applied Blockchain i.e., Applied Blockchain and APACHE go up and down completely randomly.
Pair Corralation between Applied Blockchain and APACHE
Given the investment horizon of 90 days Applied Blockchain is expected to generate 6.21 times more return on investment than APACHE. However, Applied Blockchain is 6.21 times more volatile than APACHE P 525. It trades about 0.05 of its potential returns per unit of risk. APACHE P 525 is currently generating about 0.0 per unit of risk. If you would invest 661.00 in Applied Blockchain on September 12, 2024 and sell it today you would earn a total of 233.00 from holding Applied Blockchain or generate 35.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 69.76% |
| Values | Daily Returns |
Applied Blockchain vs. APACHE P 525
Performance |
| Timeline |
| Applied Blockchain |
| APACHE P 525 |
Applied Blockchain and APACHE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Applied Blockchain and APACHE
The main advantage of trading using opposite Applied Blockchain and APACHE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Applied Blockchain position performs unexpectedly, APACHE 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 APACHE will offset losses from the drop in APACHE's long position.| Applied Blockchain vs. Magic Empire Global | Applied Blockchain vs. Zhong Yang Financial | Applied Blockchain vs. Netcapital | Applied Blockchain vs. Lazard |
| APACHE vs. AEP TEX INC | APACHE vs. US BANK NATIONAL | APACHE vs. Applied Blockchain | APACHE vs. BigBearai Holdings |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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