Correlation Between First BITCoin and SinglePoint
Can any of the company-specific risk be diversified away by investing in both First BITCoin and SinglePoint 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 SinglePoint 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 SinglePoint, you can compare the effects of market volatilities on First BITCoin and SinglePoint 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 SinglePoint. Check out your portfolio center. Please also check ongoing floating volatility patterns of First BITCoin and SinglePoint.
Diversification Opportunities for First BITCoin and SinglePoint
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between First and SinglePoint is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding First BITCoin Capital and SinglePoint in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SinglePoint 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 SinglePoint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SinglePoint has no effect on the direction of First BITCoin i.e., First BITCoin and SinglePoint go up and down completely randomly.
Pair Corralation between First BITCoin and SinglePoint
If you would invest 1.60 in SinglePoint on August 30, 2024 and sell it today you would earn a total of 1.50 from holding SinglePoint or generate 93.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
First BITCoin Capital vs. SinglePoint
Performance |
| Timeline |
| First BITCoin Capital |
| SinglePoint |
First BITCoin and SinglePoint Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First BITCoin and SinglePoint
The main advantage of trading using opposite First BITCoin and SinglePoint positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First BITCoin position performs unexpectedly, SinglePoint 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 SinglePoint will offset losses from the drop in SinglePoint'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 |
| SinglePoint vs. China Changjiang Mining | SinglePoint vs. FTC Solar | SinglePoint vs. Solar Integrated Roofing | SinglePoint vs. Ascent Solar Technologies, |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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