Correlation Between Binance Coin and Nanjing Vishee
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By analyzing existing cross correlation between Binance Coin and Nanjing Vishee Medical, you can compare the effects of market volatilities on Binance Coin and Nanjing Vishee 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 Nanjing Vishee. Check out your portfolio center. Please also check ongoing floating volatility patterns of Binance Coin and Nanjing Vishee.
Diversification Opportunities for Binance Coin and Nanjing Vishee
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Binance and Nanjing is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Binance Coin and Nanjing Vishee Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Vishee Medical 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 Nanjing Vishee. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Vishee Medical has no effect on the direction of Binance Coin i.e., Binance Coin and Nanjing Vishee go up and down completely randomly.
Pair Corralation between Binance Coin and Nanjing Vishee
Assuming the 90 days trading horizon Binance Coin is expected to generate 0.71 times more return on investment than Nanjing Vishee. However, Binance Coin is 1.41 times less risky than Nanjing Vishee. It trades about -0.04 of its potential returns per unit of risk. Nanjing Vishee Medical is currently generating about -0.21 per unit of risk. If you would invest 70,610 in Binance Coin on October 12, 2024 and sell it today you would lose (1,840) from holding Binance Coin or give up 2.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Binance Coin vs. Nanjing Vishee Medical
Performance |
| Timeline |
| Binance Coin |
| Nanjing Vishee Medical |
Binance Coin and Nanjing Vishee Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Binance Coin and Nanjing Vishee
The main advantage of trading using opposite Binance Coin and Nanjing Vishee positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Binance Coin position performs unexpectedly, Nanjing Vishee 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 Nanjing Vishee will offset losses from the drop in Nanjing Vishee'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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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