Correlation Between Beowulf Mining and SaltX Technology
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By analyzing existing cross correlation between Beowulf Mining PLC and SaltX Technology Holding, you can compare the effects of market volatilities on Beowulf Mining and SaltX Technology 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 Beowulf Mining with a short position of SaltX Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and SaltX Technology.
Diversification Opportunities for Beowulf Mining and SaltX Technology
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beowulf and SaltX is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining PLC and SaltX Technology Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SaltX Technology Holding and Beowulf Mining 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 Beowulf Mining PLC are associated (or correlated) with SaltX Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SaltX Technology Holding has no effect on the direction of Beowulf Mining i.e., Beowulf Mining and SaltX Technology go up and down completely randomly.
Pair Corralation between Beowulf Mining and SaltX Technology
Assuming the 90 days trading horizon Beowulf Mining PLC is expected to under-perform the SaltX Technology. But the stock apears to be less risky and, when comparing its historical volatility, Beowulf Mining PLC is 1.35 times less risky than SaltX Technology. The stock trades about -0.23 of its potential returns per unit of risk. The SaltX Technology Holding is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 330.00 in SaltX Technology Holding on August 25, 2024 and sell it today you would earn a total of 18.00 from holding SaltX Technology Holding or generate 5.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining PLC vs. SaltX Technology Holding
Performance |
| Timeline |
| Beowulf Mining PLC |
| SaltX Technology Holding |
Beowulf Mining and SaltX Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and SaltX Technology
The main advantage of trading using opposite Beowulf Mining and SaltX Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining position performs unexpectedly, SaltX Technology 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 SaltX Technology will offset losses from the drop in SaltX Technology's long position.| Beowulf Mining vs. Lohilo Foods AB | Beowulf Mining vs. Raketech Group Holding | Beowulf Mining vs. Avanza Bank Holding | Beowulf Mining vs. Maven Wireless Sweden |
| SaltX Technology vs. Lagercrantz Group AB | SaltX Technology vs. Addtech AB | SaltX Technology vs. AddLife AB | SaltX Technology vs. Bufab Holding AB |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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