Correlation Between First BITCoin and LongFin Corp
Can any of the company-specific risk be diversified away by investing in both First BITCoin and LongFin Corp 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 First BITCoin and LongFin Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between First BITCoin Capital and LongFin Corp, you can compare the effects of market volatilities on First BITCoin and LongFin Corp 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 First BITCoin with a short position of LongFin Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of First BITCoin and LongFin Corp.
Diversification Opportunities for First BITCoin and LongFin Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between First and LongFin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding First BITCoin Capital and LongFin Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LongFin Corp and First BITCoin 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 First BITCoin Capital are associated (or correlated) with LongFin Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LongFin Corp has no effect on the direction of First BITCoin i.e., First BITCoin and LongFin Corp go up and down completely randomly.
Pair Corralation between First BITCoin and LongFin Corp
If you would invest 0.01 in First BITCoin Capital on September 2, 2024 and sell it today you would earn a total of 0.00 from holding First BITCoin Capital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.27% |
| Values | Daily Returns |
First BITCoin Capital vs. LongFin Corp
Performance |
| Timeline |
| First BITCoin Capital |
| LongFin Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
First BITCoin and LongFin Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First BITCoin and LongFin Corp
The main advantage of trading using opposite First BITCoin and LongFin Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First BITCoin position performs unexpectedly, LongFin Corp 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 LongFin Corp will offset losses from the drop in LongFin Corp's long position.| First BITCoin vs. Woodbrook Group Holdings | First BITCoin vs. Cal Bay Intl | First BITCoin vs. LGBTQ Loyalty Holdings | First BITCoin vs. Sysorex |
| LongFin Corp vs. Ackroo Inc | LongFin Corp vs. CurrentC Power | LongFin Corp vs. Agent Information Software | LongFin Corp vs. Paycor HCM |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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