Correlation Between Applied Blockchain and GLOBAL
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By analyzing existing cross correlation between Applied Blockchain and GLOBAL PAYMENTS INC, you can compare the effects of market volatilities on Applied Blockchain and GLOBAL 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 GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Applied Blockchain and GLOBAL.
Diversification Opportunities for Applied Blockchain and GLOBAL
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Applied and GLOBAL is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Applied Blockchain and GLOBAL PAYMENTS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLOBAL PAYMENTS INC 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 GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLOBAL PAYMENTS INC has no effect on the direction of Applied Blockchain i.e., Applied Blockchain and GLOBAL go up and down completely randomly.
Pair Corralation between Applied Blockchain and GLOBAL
Given the investment horizon of 90 days Applied Blockchain is expected to generate 13.55 times more return on investment than GLOBAL. However, Applied Blockchain is 13.55 times more volatile than GLOBAL PAYMENTS INC. It trades about 0.04 of its potential returns per unit of risk. GLOBAL PAYMENTS INC is currently generating about 0.0 per unit of risk. If you would invest 773.00 in Applied Blockchain on September 12, 2024 and sell it today you would earn a total of 129.00 from holding Applied Blockchain or generate 16.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.15% |
| Values | Daily Returns |
Applied Blockchain vs. GLOBAL PAYMENTS INC
Performance |
| Timeline |
| Applied Blockchain |
| GLOBAL PAYMENTS INC |
Applied Blockchain and GLOBAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Applied Blockchain and GLOBAL
The main advantage of trading using opposite Applied Blockchain and GLOBAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Applied Blockchain position performs unexpectedly, GLOBAL 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 GLOBAL will offset losses from the drop in GLOBAL's long position.| Applied Blockchain vs. Magic Empire Global | Applied Blockchain vs. Zhong Yang Financial | Applied Blockchain vs. Netcapital | Applied Blockchain vs. Lazard |
| GLOBAL vs. AEP TEX INC | GLOBAL vs. US BANK NATIONAL | GLOBAL vs. Applied Blockchain | GLOBAL vs. Sprott Focus Trust |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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