Correlation Between Binance Coin and Sinomine Resource
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By analyzing existing cross correlation between Binance Coin and Sinomine Resource Exploration, you can compare the effects of market volatilities on Binance Coin and Sinomine Resource 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 Binance Coin with a short position of Sinomine Resource. Check out your portfolio center. Please also check ongoing floating volatility patterns of Binance Coin and Sinomine Resource.
Diversification Opportunities for Binance Coin and Sinomine Resource
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Binance and Sinomine is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Binance Coin and Sinomine Resource Exploration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinomine Resource and Binance Coin 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 Binance Coin are associated (or correlated) with Sinomine Resource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinomine Resource has no effect on the direction of Binance Coin i.e., Binance Coin and Sinomine Resource go up and down completely randomly.
Pair Corralation between Binance Coin and Sinomine Resource
Assuming the 90 days trading horizon Binance Coin is expected to generate 3.12 times more return on investment than Sinomine Resource. However, Binance Coin is 3.12 times more volatile than Sinomine Resource Exploration. It trades about 0.06 of its potential returns per unit of risk. Sinomine Resource Exploration is currently generating about -0.02 per unit of risk. If you would invest 30,700 in Binance Coin on October 15, 2024 and sell it today you would earn a total of 38,951 from holding Binance Coin or generate 126.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 62.34% |
| Values | Daily Returns |
Binance Coin vs. Sinomine Resource Exploration
Performance |
| Timeline |
| Binance Coin |
| Sinomine Resource |
Binance Coin and Sinomine Resource Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Binance Coin and Sinomine Resource
The main advantage of trading using opposite Binance Coin and Sinomine Resource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Binance Coin position performs unexpectedly, Sinomine Resource 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 Sinomine Resource will offset losses from the drop in Sinomine Resource's long position.| Binance Coin vs. Staked Ether | Binance Coin vs. Cronos | Binance Coin vs. Wrapped Bitcoin | Binance Coin vs. Monero |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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