Correlation Between Helix Applications and Bitfarms
Can any of the company-specific risk be diversified away by investing in both Helix Applications and Bitfarms 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 Helix Applications and Bitfarms into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Helix Applications and Bitfarms, you can compare the effects of market volatilities on Helix Applications and Bitfarms 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 Helix Applications with a short position of Bitfarms. Check out your portfolio center. Please also check ongoing floating volatility patterns of Helix Applications and Bitfarms.
Diversification Opportunities for Helix Applications and Bitfarms
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Helix and Bitfarms is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Helix Applications and Bitfarms in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitfarms and Helix Applications 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 Helix Applications are associated (or correlated) with Bitfarms. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfarms has no effect on the direction of Helix Applications i.e., Helix Applications and Bitfarms go up and down completely randomly.
Pair Corralation between Helix Applications and Bitfarms
If you would invest 7.20 in Helix Applications on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Helix Applications or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Helix Applications vs. Bitfarms
Performance |
| Timeline |
| Helix Applications |
| Bitfarms |
Helix Applications and Bitfarms Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Helix Applications and Bitfarms
The main advantage of trading using opposite Helix Applications and Bitfarms positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Helix Applications position performs unexpectedly, Bitfarms 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 Bitfarms will offset losses from the drop in Bitfarms' long position.| Helix Applications vs. SPENN Technology AS | Helix Applications vs. OFX Group Ltd | Helix Applications vs. HUMANA INC | Helix Applications vs. Barloworld Ltd ADR |
| Bitfarms vs. HIVE Blockchain Technologies | Bitfarms vs. CleanSpark | Bitfarms vs. Marathon Digital Holdings | Bitfarms vs. Riot Blockchain |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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