Correlation Between Galaxy Digital and EBullion
Can any of the company-specific risk be diversified away by investing in both Galaxy Digital and EBullion 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 Galaxy Digital and EBullion into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Galaxy Digital Holdings and EBullion, you can compare the effects of market volatilities on Galaxy Digital and EBullion 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 Galaxy Digital with a short position of EBullion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Galaxy Digital and EBullion.
Diversification Opportunities for Galaxy Digital and EBullion
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Galaxy and EBullion is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Galaxy Digital Holdings and EBullion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EBullion and Galaxy Digital 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 Galaxy Digital Holdings are associated (or correlated) with EBullion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EBullion has no effect on the direction of Galaxy Digital i.e., Galaxy Digital and EBullion go up and down completely randomly.
Pair Corralation between Galaxy Digital and EBullion
If you would invest 1,384 in Galaxy Digital Holdings on August 30, 2024 and sell it today you would earn a total of 398.00 from holding Galaxy Digital Holdings or generate 28.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Galaxy Digital Holdings vs. EBullion
Performance |
| Timeline |
| Galaxy Digital Holdings |
| EBullion |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Galaxy Digital and EBullion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Galaxy Digital and EBullion
The main advantage of trading using opposite Galaxy Digital and EBullion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Galaxy Digital position performs unexpectedly, EBullion 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 EBullion will offset losses from the drop in EBullion's long position.| Galaxy Digital vs. SPENN Technology AS | Galaxy Digital vs. OFX Group Ltd | Galaxy Digital vs. Cypherpunk Holdings | Galaxy Digital vs. Cathedra Bitcoin |
| EBullion vs. SPENN Technology AS | EBullion vs. Arcane Crypto AB | EBullion vs. OFX Group Ltd | EBullion vs. Blockmate Ventures |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |