Correlation Between Bitmine Immersion and Bel Fuse
Can any of the company-specific risk be diversified away by investing in both Bitmine Immersion and Bel Fuse 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 Bitmine Immersion and Bel Fuse into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bitmine Immersion Technologies and Bel Fuse A, you can compare the effects of market volatilities on Bitmine Immersion and Bel Fuse 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 Bitmine Immersion with a short position of Bel Fuse. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bitmine Immersion and Bel Fuse.
Diversification Opportunities for Bitmine Immersion and Bel Fuse
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bitmine and Bel is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Bitmine Immersion Technologies and Bel Fuse A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bel Fuse A and Bitmine Immersion 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 Bitmine Immersion Technologies are associated (or correlated) with Bel Fuse. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bel Fuse A has no effect on the direction of Bitmine Immersion i.e., Bitmine Immersion and Bel Fuse go up and down completely randomly.
Pair Corralation between Bitmine Immersion and Bel Fuse
Given the investment horizon of 90 days Bitmine Immersion Technologies is expected to under-perform the Bel Fuse. In addition to that, Bitmine Immersion is 2.65 times more volatile than Bel Fuse A. It trades about -0.21 of its total potential returns per unit of risk. Bel Fuse A is currently generating about -0.1 per unit of volatility. If you would invest 9,274 in Bel Fuse A on October 25, 2024 and sell it today you would lose (494.00) from holding Bel Fuse A or give up 5.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
Bitmine Immersion Technologies vs. Bel Fuse A
Performance |
| Timeline |
| Bitmine Immersion |
| Bel Fuse A |
Bitmine Immersion and Bel Fuse Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bitmine Immersion and Bel Fuse
The main advantage of trading using opposite Bitmine Immersion and Bel Fuse positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bitmine Immersion position performs unexpectedly, Bel Fuse 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 Bel Fuse will offset losses from the drop in Bel Fuse's long position.| Bitmine Immersion vs. Cytta Corp | Bitmine Immersion vs. Mawson Infrastructure Group | Bitmine Immersion vs. World Technology Corp | Bitmine Immersion vs. Bagger Daves Burger |
| Bel Fuse vs. Richardson Electronics | Bel Fuse vs. LSI Industries | Bel Fuse vs. Benchmark Electronics | Bel Fuse vs. Plexus Corp |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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